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Ingka Group hires JLL to sell eight Ikea properties in mainland China

The sale includes seven closed Ikea stores, which were fully vacated and have no outstanding leases, JLL said.

Reported · Written up by our desk · Industry

Ingka Group, the parent of furniture retailer Ikea, has hired property consultancy JLL as its sole sales agent to offload eight retail properties in mainland China, marking the brand’s largest asset disposal since it entered the market nearly 30 years ago, according to SCMP Economy.

The disposal comes as Ingka navigates China’s sluggish property market and weaker consumer spending that have weighed on demand for its products. Seven outlets are Ikea stores that ceased operations in February, with the remaining property listed as a self-held site in Guiyang.

JLL said all eight assets are fully vacated with no outstanding lease agreements, and they can be delivered immediately and potentially converted into uses such as rental flats, neighborhood malls, cultural complexes, or corporate headquarters.

Ikea China said the move is part of an ongoing review and optimization of its omnichannel ecosystem, aimed at delivering more efficient operations, SCMP Economy reported.

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