May 6, 2019 / 7:29 AM / 17 days ago

CORRECTED-IKEA to invest 400 mln euros in France over next three years

(Corrects headline to show investment is not just on city centre stores)

PARIS, May 6 (Reuters) - IKEA plans to invest 400 million euros ($448 million)in France over the next three years as it builds up its new city centre stores in the country, IKEA France’s chief executive Walter Kadnar said on Monday.

Kadnar unveiled the plans as IKEA opened its first store in central Paris, in the city’s Madeleine district.

IKEA, the world’s biggest furniture retailer, is known for its vast self-service out-of-town stores, but it is transforming its business model to cater more for consumers who would rather order online and have furniture delivered to their doors.

$1 = 0.8936 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta/Richard Lough

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