31 Oct '07
IKEA may not open its first Siberian shopping mall on Nov.1, 2007 as originally planned, for Novosibirsk regional authorities have lodged complaints related to construction of traffic junctions.
Every day of the shopping mall’s idle time will cost the Swedish company at least $130,000.
IKEA views Novosibirsk as one of the most attractive Russian cities for business. Swiss Realty Group reported that in 2006 the total area of trading premises in Novosibirsk amounted to 535,000 square meters, out of that only 170,000 square meters were of high quality.