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IKEA set to increase its investment in the Baltics


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Two Icelandic businessmen are to help Scandinavian store IKEA increase its investment in the Baltics, specifically in Estonia and Latvia, according to Äripäev.

According to the website, IKEA have been looking to open stores in the two countries for a number of years but now there is a real solid basis thanks to brothers Sigurdur and Jon Palmason.

The brothers are planning on developing the first Lithuanian IKEA store near Vilnius airport and have gone on record now to publically state that they will expand the IKEA chain so that it includes stores in both Estonia and Latvia.

Hanna Gustafsson, press spokesperson of Palmasons, told Äripäev that the Lithuanian store is the main priority currently, but once that is up and running, steps will be taken to include both Estonia and Latvia.

Ms Gustaffson was unwilling to state to the press whether Palmasons had already acquired any local property for the project.

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