Ikea said footfall was rising across its shopping centres in China as it unveiled its biggest ever investment in the country.
Ingka Centres, the real estate division of Ikea’s parent company Ingka Group, spent Rmb8bn ($1bn) on Livat Shanghai, a retail and commercial centre that took five years to complete and opened on Thursday.
The launch comes during a difficult period for the world’s second-largest economy, where authorities this week launched a wave of stimulus measures to counteract a property slowdown and broader lack of consumer confidence.
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