Algarve news and information portal - AlgarveMais

Swedish home store brand IKEA announced that it is due to sign a contract with Loulé Town Hall on 2 December for the opening of an Inter IKEA shopping centre in 2015. IKEA spokeswoman Ana Teresa told Lusa News Agency that the contract “confirms the Swedish company’s intention to carry out a project in the Algarve before 2015 and bring the brand to more Portuguese people.” Representatives from Loulé Town Hall such as the mayor Seruca Emídio, Kristina Johansson from IKEA Portugal

and Richard Vathaire, Managing Director for Southern Europe of the Inter IKEA Centre Group were due to sign the cooperation contract at around 11am on 2 December at the town hall.

The project described in the contract includes the construction of an IKEA store as well as a shopping centre and retail park.

According to media reports, IKEA is due to invest €200 million in the region as well as create 3,000 direct and indirect jobs.

The Loulé Mayor told Lusa News Agency earlier this year that the project will have a 120,000 square metre construction area, with the group already having bought around 40 hectares of land in the area for the project that will offer entertainment, food, cinemas and more.

IKEA’s future expansion plans for Portugal include a total investment of more than €660 million and the opening of seven stores; three in the greater Lisbon area, two near Oporto, one in the south of the country and one in the centre. A further two Inter IKEA shopping centres and three Swedwood Group factories are also planned for Paços de Ferreira.

Meanwhile, a further €400 million is also due to be invested in Loulé with a project from the Auchan Group named Alegro Algarve. This is due to create 4,000 direct jobs in a 40 hectare area between Loulé and the road to Quarteira.

source: http://www.theportugalnews.com