Chilean department store chain S.A.C.I. Falabella has been granted franchise rights to run IKEA stores in Chile, Colombia and Peru.
Falabella and IKEA Systems BV, the global franchiser of the IKEA store concept, signed a memorandum of understanding May 17, according to a release.
Under the deal, Falabella will open at least nine IKEA stores in the countries in 10 years, along with online sales channels. The first store is set to open in Santiago, Chile, by the end of 2020.
