If you are in need of chic, but affordable furniture, you will soon be in luck. Swedish furniture giant IKEA recently announced that it would invest billions of dollars to expand its footprint in the U.S.
Fox News writes, “Ingka Group, the largest IKEA store owner that represents roughly 90% of the brand’s retail sales, announced Thursday it plans to invest $2.2 billion over the next three years in the U.S., marking its largest investment in the country to date.
The company said it plans to upgrade current locations in the U.S. as well as open 17 new IKEA stores in the first phase of its plan, with eight of its big-box retail locations and nine “plan and order points,” which are smaller stores where customers can get advice and place furniture orders.
Tolga Öncü, head of IKEA Retail at Ingka Group, said the specific locations for the new U.S. stores are still being determined but hinted the company has its eye on the South.
“It is in all the states across the U.S. where we see opportunities, but I would say in particular the South, where we see big demand that we have not so far been able to respond to,” Öncü said.
“The US is one of our most important markets, and we see endless opportunities to grow there and get closer to the many Americans with affordable products and services,” Öncü said in a statement.Â
“Historically, Ikea has focused on the East Coast in its US expansion, with its first-ever American store opening in Philadelphia in 1985.
The expansion will create 2,000 new jobs, according to Öncü, increasing the number of storefronts by about a third,” Quartz said.
“The plan includes nine new ‘plan and order points’—stores without warehouses, where customers can get advice on their interior design plans and receive assistance in ordering furniture.”
IKEA currently has 53 stores in the United States and made about $6 billion in sales last year. The enormous warehouse-style stores have become a staple shopping location for young adults.
Vox noted that over “771 million people visit the home furnishing company’s 375 retail locations (40 of which are in the US) each year. Collectively, these stores generate an annual revenue of $34.5 billion USD and use 530 million cubic feet of wood to manufacture their ready-to-build offerings. A supposed ease of construction, modern design, and relative affordability have made Ikea a furniture mecca for young college grads.”
[Read More: CNN Hires Superstar To Join Their Roster]
