Immediate Release
Contact: Randi Brightman
(212) 645-6900 x149
randi@jerichopr.com

IKEA THANKS LOCAL COMMUNITY OFFICIALS
AS CONSTRUCTION BEGINS IN COLLEGE PARK
IKEA Expands with Its 16th Store in the U.S.

Plymouth Meeting, PA, July 23, 2002 – IKEA, the leading home furnishings retailer, officially breaks ground at the site of its 16th U.S. store in College Park, Maryland as part of an Appreciation Reception held for local officials on Monday, July 29, 2002.

IKEA representatives will be on hand to thank the many government leaders who have played a role in making the future IKEA College Park store a reality. IKEA College Park, which will offer shoppers a selection of its full range of 12,000 different home furnishing designs, marks the first new market store opening in the U.S. that is part of the company’s expansion plan to open 50 new North American stores in the next ten years.

“Entering this new market for IKEA is an achievement that could not have happened without the tremendous local support from a variety of government officials. IKEA appreciates the efforts of Prince George’s County Office of the County Executive, and the local Chamber of Commerce, the Maryland National Capital Park and Planning Commission, the City of College Park, as well as North College Park, the Beltsville Citizens Association and the State of Maryland,” said Brad Prevost, IKEA Real Estate Manager. “We want to take this opportunity to express our appreciation to the countless number of government officials and community leaders who have dedicated their time toward the plans of opening one of our largest IKEA U.S. stores.”

The site of the future IKEA College Park is located at 10100 Baltimore Ave. between the intersection of Beltway 495 (95 South) and Route 1 (Baltimore Avenue) will be approximately 353,000 square feet and will occupy approximately 22 acres. IKEA is evaluating different developer proposals for the remaining 26 acres of property acquired, and is working closely with city officials on the second phase of the development. In addition to jobs created during the construction phase, more than 500 employees will join the IKEA family when the new store opens in the summer of 2003. Also, IKEA College Park will provide significant annual tax revenue benefits to the region.

"IKEA's highly anticipated arrival to Prince George's County will undoubtedly further broaden the growing spectrum of high caliber retailers, who know that their stores will be in a top performing, as well as demanding market," stated Prince George's County Executive Wayne K. Curry. "This further dispels the myth that Prince George's County does not support quality stores and restaurants," continued Curry.

In the local region, IKEA has stores in Baltimore, Maryland and Woodbridge, Virginia, as well as a Customer Care Center in the Baltimore area. Also, IKEA is currently working on the first phase of construction for a distribution center in Perryville, Maryland. The new distribution center will support IKEA stores in Maryland, Virginia and Pennsylvania ensuring increased efficiency with the distribution of IKEA product imports on a daily basis.

About IKEA
Since its founding in 1943, IKEA has offered a wide range of home furnishings and accessories of good design and function, at prices so low that the majority of the people can afford them. IKEA is recognized as a socially responsible company, and continuously supports initiatives that benefit causes such as children and the environment. Currently, IKEA has 171 stores in 31 countries, including 15 stores in the United States and nine stores in Canada. To visit the IKEA Web site, please go to http://www.ikea-us.com.