IKEA to build $1 bln store in Russia
Swedish furniture retailer IKEA will invest $1 billion in a shopping centre outside Moscow, a Moscow region minister said, just months after a bribery scandal threatened to derail its growth in Russia.
IKEA said in February it had sacked two executives for turning a blind eye to bribery by a subcontractor in St Petersburg, and has repeatedly stated that its Russian business was being choked by red tape and corruption.
Tigran Karakhanov, a minister for the Moscow region, said on last Wednesday IKEA was ready to make the new investment, which would add to the 12 stores opened in the country in the past decade.
A source close to the ministry added that the new store would be IKEA s biggest in Europe. IKEA confirmed it was planning to build the store, but would not comment on the size of the investment.
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