Swedish home furnishing major ‘Ikea’ has purchased its first land parcel in Mumbai Metropolitan region to build a 4,00,000 sq. ft. store.
This will be Ikea’s second store in the country after Hyderabad. The 23-acre site is strategically located in Navi Mumbai on the Thane-Belapur Road, the company said in a statement. The Hyderabad store which is scheduled to open in the second half of 2017 is also of the same size.
The store in Navi Mumbai will be a huge one of around 4,00,000 sq. ft. The Hyderabad store is also of the same size.
Ikea expects over five million visitors per year to the Navi Mumbai store, underlining its large expansion plans in the country. It is also evaluating sites in Bangalore, Mumbai, Delhi and NCR and planning to open 25 stores in India by 2025. The company received government approval in 2013 for its Rs 10,500 crore proposal to open retail stores under 100 per cent FDI.
“Maharashtra is one of the most important markets for Ikea. Along with setting up retail stores, we will expand our supplier landscape and grow local sourcing as much as possible. Each Ikea store will employ 500 to 700 coworkers directly and another 1,500 indirectly for providing services,” Juvencio Maeztu, CEO of Ikea India said.
“We are committed to having 50 per cent women in our organisation at all levels and giving equal opportunities to all. We will bring a unique shopping experience through our inspiring stores offering affordable home furnishing products for the many people in Mumbai,” he added.
