Monday, April 25, 2016

IKEA Set for Fall Opening

Posted By on Mon, Apr 25, 2016 at 1:11 PM

An artist's rendering shows those iconic blue panels of IKEA Memphis. - IKEA
  • IKEA
  • An artist's rendering shows those iconic blue panels of IKEA Memphis.

IKEA is on track to meet its fall open date, store officials said Monday, as the installation of the brand's iconic blue panels begin to go up on the building near Germantown Parkway.

The new Memphis store will be wrapped in those blue panels, which are a unique feature to IKEA stores. Installing them marks a construction milestone, store officials said.

“With IKEA Memphis taking shape and the blue paneling now going up, we continue to be on track for a grand opening this fall,” Lars Petersson, IKEA U.S. president, said in a statement. “We hope to be enclosed fully within several months, and cannot wait to begin transforming the building’s interior to look like an IKEA store as well.”

The Memphis store will be 271,000 square feet with about 800 parking spaces, all built on 35 acres. Once complete, the store will feature nearly 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area, and a 300-seat restaurant serving Swedish specialties such as meatballs with lingonberries, salmon plates, and some American dishes.

There will also be a “Children’s IKEA” area in the showroom, baby care rooms, and play areas throughout the store. IKEA is also considering on-site power generation for the store.

Construction of the store is expected to yield 500 jobs. Once the store opens, 225 jobs will be created in the store and 60 new jobs will open in the restaurant.

Here are some of the details of IKEA’s impact here from documents released by the Memphis and Shelby County Growth Engine last year:

Total investment: $64.3 million
Estimated first-year sales: $50 million (with annual growth thereafter)
Sales tax revenues: $3.5 million, Tennessee; $625,000, Memphis; $625,000, Shelby County
Jobs: 175 full time, 50 part time
Average annual salaries: workers, $35,500; managers, $40,000-$80,000
Benefits: all employees - healthcare, 401(k) matching, bonus, pension, tuition reimbursement, paid vacation, maternity/paternity leave

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