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Latino Daily News

Friday May 4, 2012

IKEA May Be Heading to San Juan, Puerto Rico

IKEA May Be Heading to San Juan, Puerto Rico

Photo: IKEA May Be Heading to San Juan, Puerto Rico

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According to Caribbean Business, Spanish-language newspapers are reporting Swedish furnishing store IKEA is looking to open a store in Puerto Rico.

Though the Swedish company previously considered a store on the U.S. island territory, it ultimately decided to set up shop in Santo Domingo in the Dominican Republic.

However, it appears the company is rethinking Puerto Rico, and is said to be in talks with the island’s Economic Development & Commerce Department regarding operations in San Juan.

The Stockholm-based company currently employs roughly 131,000 people in287 stores in 41 countries. Last year, IKEA saw 655 million customers worldwide.

The company cut prices by 2.6 percent last year, but still managed to see a net profit increase of 10.3 percent ($3.81 billion) with a 6.9 revenue increase for the year ending August 31.

Reports indicate a Puerto Rican IKEA store could begin operations by the end on 2012.