 "Ikea arm to set up first shopping mall in India for Rs 5,500 cr")
Ingka Centres, part of the Ingka group, which also owns most Ikea stores worldwide, on Friday said that it was setting up its first shopping centre in India for an investment of Rs 5,500 crore. This will mark a significant step-up for the group's big-box retail plans in the country.
The group already has two flagship Ikea stores in India, one in Hyderabad, the other in Navi Mumbai, measuring over 400,000 sq ft each.
The proposed mall, to be launched in Noida, Uttar Pradesh, will add to Ingka Centres' growing list of properties across the world. The company has 45 shopping centres across Europe, Russia and China. It plans to enter the United States this year and is looking to foray deeper into existing markets of operation.
The India shopping centre is expected to take around two to three years to build, industry experts said, given Ingka group's focus on quality. Land for the project, a 48,000-square-metre plot, has been acquired in Noida, the company said on Friday.
The group also said that it was unveiling its 'Meeting Places' concept, providing a sustainable mixed-use destination that would bring ‘many people’ together for multiple reasons.
"Meeting Places are always anchored around an Ikea store and are designed to meet the needs of local communities bringing value for customers, communities, and partners," the company said.
Peter Betzel, chief executive officer and chief sustainability officer, Ikea India, said that Delhi-NCR was an important market for the retailer.
"This next step in our expansion is in line with Ikea's ambition to meet 100 million people in India in the coming years," he said.
Ikea is also expected to open two smaller city-centre stores in Mumbai, another priority market for the retailer. The company has already launched online stores in Mumbai, Pune and Hyderabad. It is also eyeing a store in Bengaluru, another priority market, in the future.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%