Government News
Ingka Centres invests US$1.1 billion in Livat Shanghai 2024-09-26
The Livat Shanghai in Changning District marks Ingka Group's biggest investment in a single property project in China.
Ingka Centres, part of IKEA's parent company Ingka Group, unveiled its biggest investment in a single property project in Changning District. The company is investing 8 billion yuan (US$1.1 billion) in the project.
The Livat Shanghai covers 430,000-square-meters of construction area and hosts over 300 stores covering fashion & style, leisure & restaurants, education & sports.
The company says the new location has good transportation links and is in a prime area for office buildings and residential neighborhoods.
It's the 10th Livat retail project in the country, and includes five office buildings, one shopping mall, and outdoor leisure space.
"This shows we're by no means leaning back in China, but rather taking a step forward and continue to develop our concepts to offer relevant retail experience for the community," said Cindy Andersen, Global President of Ingka Centres.
The Livat Shanghai serves as a mix space of shopping, dining, entertainment, culture, wellness, children's activities, and outdoor leisure spaces.
The IKEA Shanghai Linkong Store inside the Livat Shanghai also opens on Thursday, making it the Swedish retailer's fourth store in the city.
The two-floor store covers over 21,600 square meters with more than 50 home decoration demonstration spaces and over 4,000 products.
As with its other three stores, IKEA furniture can be resold or recycled at the new outlet. IKEA will work with the Livat Shanghai to promote sustainable concepts and new ways to showcase home decoration concepts.
The fourth IKEA store in the city seeks more synergy with the Livat Shanghai.
Source: Shanghai Daily
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