UPDATE 1-Tenants' sales at IKEA's shopping malls grow 16% [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Furniture brand IKEA flags are seen next to a shopping mall owned by IKEA's malls arm Ingka Centres, on the outskirts of Stockholm, Sweden August 23, 2020. REUTERS/Anna Ringstrom STOCKHOLM, Nov 1 (Reuters) - IKEA's shopping malls business, one of the world's biggest, said on Monday its tenants' sales were up 16% at constant exchange rates in the 12 months through August, to 6.6 billion euros ($7.6 billion). Ingka Centres, which has 47 malls anchored by IKEA stores across Europe, Russia and China and plans to enter North America and India, said footfall was up 1% as visits fell 13% in Europe due to lockdowns but increased in Russia and China. The company opened two new centres towards the end of the fiscal year, in China, taking its leasable area to above 4,000 million square metres. Its occupancy rate was roughly stable at 94%, it said in an emailed statement. In the previous fiscal year, footfall dropped by almost a quarter and tenant sales fell 16% due to the pandemic and restrictio
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