Turnover of the trade giant "IKEA" in the first two days of operation in Riga - more than half a million euros

Including the revenue of the “IKEA” store manager in Latvia SIA “Paul Mason Properties” from the sale of goods in the last financial year, which lasted from September 1, 2017 to August 31, 2018, amounted to 654,300 euros, but income from services provided 3200 euros.

At the same time, Paul Mason Properties closed the last financial year with a loss of 5.06 million euros. The company’s financial statement explains that the losses are related to the opening of the store and were foreseen in the business plan. The company plans to compensate the losses of the previous financial year with the profit in the following periods.

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Agency LETA has already reported that the “IKEA” store was opened in Riga on August 30, 2018. The area of the Riga “IKEA” store is 34,500 square meters, but the store area occupies a total of 10 hectares. The total investment in the establishment of the “IKEA” store in Latvia was more than 50 million euros.

The IKEA franchisee in Latvia is Paul Mason Properties, which also owns an IKEA store in Lithuania and Iceland.

The company “IKEA” was established in 1943.