Swedish retail giant Ikea’s 1st India store opens today in Hyderabad. 5 quick facts
This will be Ikea’s first venture in India where it plans to open 25 stores by 2025.business Updated: Aug 09, 2018 17:29 IST
The world’s biggest furniture retailer Ikea is to launch its store in Hyderabad on Thursday. All eyes are set on the development as it would be Ikea’s first venture in India and also the first of the 25 stores it plans to start across the country by 2025. Here are a few facts about Ikea’s first foot on India.
1.The Swedish retail giant has invested more than 1,000 crores to place its first foot in India. The 13-acre complex in Hitec City, located on the outskirts of Hyderabad, is built on an area of 400,000-square-foot and contains over7,500 products. It is expected to welcome over 60 lakh visitors in a year and will be bringing inexpensive Nordic-inspired furnishings and food to the country.
2.The move by Ikea is being seen as an effort to bolster its sales growth in the face of brand fatigue and increased competition from online retailers, such as Amazon.com Inc. and made.com, through opening outlets in industrializing nations like India.
3.The Ikea store in Hyderabad is the first of the 25 outlets the retail giant plans to open by 2025 across the country. The company has been studying the Indian market and working on an elaborate plan for over a decade. Mumbai is slated to be the next city to welcome Ikea in early 2019 followed by followed by stores in Bengaluru and Delhi. Chennai, Kolkata, Ahmedabad, Surat and Pune are likely to come next.
4.Ikea has partnered with UrbanClap and hired over 150 staff to offer paid delivery and assembly options to make sure its model of self-assembling furniture doesn’t harm its market in India, which largely lacks a DIY culture.
5.Ikea’s Hyderabad complex will also boast of the retail giant’s largest restaurant – a 1,000 seater and with innumerable options on its menu. The affordability of the food served has also been planned to cater to the needs of the middle-class, the primary target of Ikea.
Ikea opens its first Indian store in Hyderabad
First Published: Aug 08, 2018 17:05 IST