OREANDA-NEWS The Arab Home Box chain with analogues of IKEA products may open its first store in Russia, Kamel Shaban, vice president of the Union of Shopping Centers of the Middle East Countries, told RIA Real Estate at the Mallpic forum.

"Currently, the company is actively negotiating with investors and shopping centers in Russia, which have already expressed interest in opening a Home Box. The first store may open in Moscow before the end of this year," Shaban said. He added that Home Box is considering development options in Russian cities with the prospect of opening up to 20 stores in the next five years. Investments in the opening of one store will amount from $ 2.5 million. It is planned to supply goods at first from factories in China and Asian countries, in the future it is possible to build factories in Russia, Shaban said.

"As for the pricing policy, it will be low. If we talk about Russia, the prices will be about the same as they were in IKEA," he added.

The Home Box furniture and home goods store chain was founded in 2013 in the UAE by Landmark Group, one of the largest retail and hospitality conglomerates in the Middle East, Africa and India. Currently, according to the information on the company's website, the Home Box network includes 42 stores in seven countries, including 18 in Saudi Arabia, six in the UAE, two in Bahrain.