Ikea president: "Things move very slowly in Spain"
SPAIN (Agencies) Announcing his company's plans to open twelve new shops in the country over the next five years, Mikael Ohlsson, President of Ikea, said that "everything moves very slowly in Spain: licences, bureaucracy." He added that "there are very few countries where it takes so long to project and open a store as in Spain." He partly blames "obsolete legislation." He claimed that his objective is to accelerate Ikea's expansion, to "create jobs" and to "help the economy along." He does not understand local business reticence against Ikea because, he says, "we create synergies with local companies ... our message is that it is possible to invest even when things are not going well." Ikea is a good example: €2.7 billion in profits last fiscal year -over 8% growth- to be reinvested in new stores and to "improve on what we already have."