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IKEA eyes quicker expansion in India as it readies for 1st store launch

Press Trust of India  |  Hyderabad 

With its first store in set to open tomorrow, Swedish home furnishings today said it is looking to expand here at a faster pace as compared to elsewhere.

The company which is looking to set up 25 stores in by 2025 will also enter by next year, besides exploring small format stores as part of expansion plans in the country.

"We want to be accessible and from tomorrow we will be accessible in Now we will try our best to speed up our expansion to move quicker than normally we do in IKEA," Group said here.

After Hyderabad, IKEA's second store would be in next year followed by and Delhi-

The company's first store in comes more than five years after it received the government's nod for its Rs 10,500 crore investment in the country in single

had originally planned to open the first store in 2017. However, it was delayed and was scheduled for July 19 this year. The company again pushed it back to August 9 citing quality commitments.

Out of the total outlay of Rs 10,500 crore, the company has so far invested Rs 4,500 crore on different projects.

It has invested Rs 1,000 crore on the store alone, which would have a range of around 7,500 products.

The store is spread over 13 acres and has a built up area of 4 lakh sq ft.

Bullish on the Indian market, said the country's population, demographic dividend and fast growing offered a big potential.

He said the company would also have for its customers and set up small format stores within cities in order to provide IKEA experience.

Betzel said India will be one of the most important future markets for IKEA in terms of supply, customers and making a positive impact on society.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 08 2018. 16:00 IST