IKEA to Open Its 1st Russian Store in Moscow

IKEA said it will open its first Russian store in Moscow in March, and it approved a site for a second Moscow store after the government agreed to reduce customs duties. Months of negotiations over the duties stalled IKEA’s operations in Russia until it persuaded the government in August to cut duties. The privately held home furnishings retailer plans to open the $40-million store in northern Moscow on March 22, five months later than planned. IKEA will build a second $40-million store south of the city and a $100-million mall around the first store.