SM Group in partnership talks with IKEA

The SM Group, the country's largest retailer, said Thursday the company is in discussion with Swedish furniture company IKEA for a partnership deal and a store in the Philippines.

"Yes,  but we are not the only ones talking to them," SM Group Senior Vice President for Marketing Communication Millie Dizon told GMA News Online.

Dizon, however, noted that "nothing is final" at this point.

"IKEA is exploring and looking for sites and talking to different retail establishments," said another official of the SM Group, who was not privy to the talks and asked not to be named.

IKEA, which stands for Ingvar Kamprad, Elmtaryd, and Agunnaryd, is a multinational furniture retailer and franchiser with 387 stores in 48 countries. The acronym stands for the name of the company founder, the farm in which he was raised by his parents, and the village where he grew up.

The SM Group is also the country's largest mall developer with over 1,400 outlets and 58 malls. — VDS, GMA News