Ikea predicts increased China sales

Ikea – the world’s largest furniture retailer – said its first-half sales in mainland China might increase up to 38% from last year, the 21st Century Business Herald reported. Sweden-based Ikea’s four mainland stores in Shanghai, Beijing, Guangzhou, and Chengdu have received 14.8 million visitors during the period, up 37% year-on-year. It will open new stores in Nanjing, Shenzhen, and Dalian next year, and expects to have 10 to 15 stores in China by 2010. Since it opened its first China store in 1998, Ikea has reduced prices by 54%. It said it will continue to cut prices in 2008.