IKEA confirmed its intention to enter the Ukrainian market and open its first store in Kiev, according to the official press release of the network, Economic Truth reports.

"The company will open its first store of the new city format in Kiev in 2019. It will be one of the first IKEA city format stores in the world", the report said.

IKEA’s press service confirmed the information that appeared the day before that the Kiev store will be located in the shopping and entertainment center Ocean Mall.

"The company is moving to the format of stores that are smaller in size and located in the central part of the city to satisfy the demands of modern consumers who want to make purchases closer to home, and also online with the spread of urbanization and the development of new technologies," the company said.

As noted, Ukraine will be one of the first markets where IKEA will open a store in a new format, along with France, Great Britain, Denmark, the U.S. and China.

"We are pleased to announce our next steps in the Ukrainian market, taking into account the results of market research and consumer preferences, our team has chosen the most favorable business model that will enable IKEA to implement its plans in Kiev in the near future," Stefan Vanoverbeke, Director of IKEA South-Eastern Europe, said.

IKEA was founded in Sweden in 1943. INGKA Holding B.V. and its controlled structures are the owners of IKEA Group. IKEA Group is the world's largest retailer of home products with 355 stores in 29 countries.

IKEA Group offers carefully designed, functional and affordable home products at low prices, making them affordable for as many people as possible. In 2017 FY, 936 million people visited IKEA Group stores.