IKEA Israel makes record-breaking sales; To open second store

Wednesday, April 05, 2006 | 
IKEA Israel sales skyrocketed, grossing 394 million shekels ($84 million) in 2005, its highest net worth since opening in 2001 where the furniture giant made 211 million shekels ($45 million). Israel’s sole Ikea is in Netanya, on the coast half way between Tel Aviv and Haifa. Due to its record-breaking income, IKEA has plans to open another store near Tel Aviv in Rishon Lezion in 2007, which expects to employ some 300 people. IKEA CEO Shlomi Gabai said that all departments in the store have grown 60 percent in sales. IKEA Israel is a popular hot spot for Israelis and foreigners due to its moderate prices and diverse selection. IKEA owns 226 stores in 33 countries and in 2005 its sales reached $18.6 billion.

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