August 30, 2017

Ikea Hyderabad store set to open its gates in early 2018

by Neha Monga

Soon, you will be able to buy your favourite Ikea furniture in India by early 2018. Ikea, the world’s biggest furniture retailer, said it will open 25 stores in India by 2025 and is all set to open the gates to its first ever store in India in Hyderabad.

The store would be spread across 400,000 sq. ft. area. Ikea will invest Rs.700 crore in its Hyderabad store, Juvencio Maeztu, chief executive officer of Ikea India Pvt. Ltd said. The company has bought 13 acres in HiTec City, the software hub of Hyderabad.

Unlike most companies which lease land, Ikea purchases real estate. “We want to be our own landlord and then, we are here for many years,” Maeztu said at a press conference.

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The store’s roof top will be covered by solar panels to power its energy needs of 3,000 kilowatts, said Preeti Budhraja, country customer relations manager at Ikea. All the water will be recycled and used for flushing and gardening. It will be a zero-wastage facility, Budharaja said.

Ikea will open its second store in India in Mumbai by early 2019. The Navi Mumbai Ikea store will spread across 430,000 sq. ft. area.

Ikea expects Hyderabad store to draw 5-6 million customers a year. The store will feature 7,500 furniture and home furnishing products and a 1,000-seater restaurant serving Swedish and Indian cuisine. It will also have a play area for children and a day-care centre for children of its employees.

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About 50% of Ikea’s workforce will be women. Each Ikea store is likely to hire 700 direct employees and provide indirect employment to 1,500 individuals.

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