Retail / news
Ikea's Parent Ingka Group Sells Eight Former Retail Sites in China
Ingka Group, Ikea's parent company, has hired JLL to sell eight former retail properties in mainland China, marking its largest asset disposal in nearly 30 years in the market.
The properties span seven cities: Shanghai's suburban Baoshan district, Guangzhou, Tianjin, Harbin, Nantong, Xuzhou, and Ningbo. The Shanghai outlet was once Ikea's biggest store in Asia, with roughly 105,000 square metres of space.
JLL, the sole sales agent, stated that all eight assets have been fully vacated with no outstanding lease agreements, and can be delivered immediately. The sites are suitable for conversion into rental flats, neighbourhood malls, cultural complexes, or corporate headquarters.
The disposals follow store closures as the Swedish furniture giant pivots toward online channels, responding to China's sluggish property market and weak consumer spending.
Ikea China said the sale is part of an ongoing review and optimisation of its omnichannel ecosystem, aiming to deliver more efficient operations. The move represents the company's largest asset disposal since entering the Chinese market nearly 30 years ago.