IKEA looking to open more stores in India

Swedish home furnishings major IKEA on February 14 said it strives to have an omnipresence in India in the months to come.

In 2018, IKEA had started its first store in Hyderabad. This humongous store is spread across 13 acres of land and a built up area of 4 lakh per square feet.

IKEA India CEO Peter Betzel has said that they have long term committed to India. IKEA plans on having omni-channel presence here. They will have three formats — big stores, online and smaller stores in India.

The aim three formats is to bring the customers closer, Peter added.

The Hyderabad store is one of 25 such outlets planned to be set up in India by 2025.

The company is committed to opening many stores in India. First comes with a store in Mumbai this year. It will then be followed by one in Bengaluru in spring-2021 and then in Delhi-NCR, Betzel said. There hasn’t been a tentative date for the Delhi store as yet.

IKEA is keen to have a strong online presence in Mumbai and will also expand smaller stores category there, he added.

Betzel has also said that the company plans to fund the expansion with their own money.

In 2013, IKEA received nod from the government to invest Rs 10,500 crore in single-brand retail out of which it had invested Rs 4,500 crore in its varied ongoing projects in India.

IKEA has had its presence in India for 30 years, sourcing many different products for IKEA stores worldwide.

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