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IKEA plans first Latin American location

According to a press release from the government of the Dominican Republic, IKEA has set its sights on that country for its first Latin American store, to be opened in early 2009.

The retailer plans to invest about $65 million on a store location near the country’s capitol of Santo Domingo, according to a report in Dominican Today.

The Dominican Republic has been one Latin American country targeted by international retailers in recent years because of its entry into trade agreements with the United States and the European Union.

Wal-Mart is one retailer that has reportedly had interest in the Dominican Republic -- the world’s largest retailer has eyed a number of Central American locations. Rumors of the impending appearance of Home Depot, Sears, JC Penney and other retailers have persisted in media outlets and message boards catering to residents of the Dominican Republic. The IKEA announcement, however, has been the only entry officially confirmed by the country.

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