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Sweden's IKEA Group, the world's biggest retailer of home furnishings, has chosen Beijing to establish its Asian flagship store, which will be its biggest outlet outside Sweden.
With an investment of 3 billion yuan (400 million U.S. dollars), the store would meet growing demand in the city when it opened in 2012, IKEA Group's Asia-Pacific president Ian Duffy said Monday.
IKEA's choice of Beijing for the Asian flagship store showed its confidence in the development of the city as well as the economy of the country, said Duffy.
IKEA Group was the highest bidder for a site of 300,000 square meters, within the second phase of Xihongmen shopping center in Daxing District.
Under a project to start in July 2010, a large shopping mall will be built, including the IKEA store, which will be the group's second branch in Beijing. The planned store will be IKEA's largest outside Sweden.
Since IKEA entered China in 1998, it has opened six stores in the country.
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