Fourlis to open IKEA in Cyprus

The Greek based Fourlis group announced that it has signed the contracts for the construction of the first IKEA store in Cyprus, through its House Market subsidiary.

The new IKEA store will have a 22.000 sq. metre capacity and is expected to commence operations during the first half of 2007. The massive store will be situated in the Shacolas Park on the outskirts of Nicosia.

Together with the opening of a second IKEA store in Athens, the cost of both investments is seen at EUR 40 mln, while the annual turnover of House Market following the full operation of both new openings is expected to top EUR 300 mln.