IKEA, the world's largest furniture retailer, announced on Wednesday the opening of its new store in Beijing. The new store is IKEA's second largest in the world, after its flagship Stockholm outlet.
   
On Monday, IKEA China closed its old Beijing store, which was located on the heavily congested northern section of the Third Ring Road. It had been in operation for seven years. The new store is located beside the Fourth Ring Road in northeastern Beijing. 
   
Along with news of the new Beijing store, IKEA's Chinese-language website also published new goals that have been set for the rapidly growing Chinese market.    
   
According to IKEA China, the company has invested over US$100 million in building the new Beijing store. It covers 107,723 square meters and provides customers with around 7,000 items.
   
The new IKEA store boasts three floors of free underground parking with more than 1,500 lots.
   
Since it first entered the China market in 1998, IKEA now has three stores; one each in Shanghai, Beijing and Guangzhou.
   
Sources from IKEA China said that China offers immense business growth opportunities, and has become its largest purchase market. About 18 percent of IKEA's purchasing materials are from China.
   
Currently, 80 percent of the products sold in IKEA's China stores are made in China.
   
With 231 shops in 33 countries, IKEA recorded a total global turnover of 14.8 billion euros for 2005.

(Xinhua News Agency April 13, 2006)