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Ikea plans to open first Indian store in autumn of 2017
16 Aug '16
2 min read
The world's biggest furniture retailer and Swedish company Ikea broke ground for its first Indian 400,000 sq. feet store in Hyderabad, which it plans to open by the end of 2017.
Unlike most retailers which lease land or rent store space, Ikea purchases real estate and has bought 13 acres in HiTec City, the software hub of Hyderabad and will be investing Rs 700 crore on the store.
This was informed at a press conference by Juvencio Maeztu, chief executive officer of Ikea India Pvt. Ltd, who also revealed that the second store will be set up in Mumbai.
Ikea plans to open 25 stores in nine Indian cities, for which it received government approval earlier to invest Rs 10,500 crore in India under the 100 per cent foreign direct investment route.
The Hyderabad store will have around 7,500 furniture and home furnishing products and also house a 1,000-seater restaurant, apart from a day centre for children of its employees.
The retailer will directly hire 500 employees, while 1,500 persons will be indirectly employed, with 50 per cent of the staff being women.
The store's 3,000 kilowatts energy needs will be met by roof top solar panels, while all the water will be recycled and used for flushing and gardening making it a zero water waste facility. (AR)
Unlike most retailers which lease land or rent store space, Ikea purchases real estate and has bought 13 acres in HiTec City, the software hub of Hyderabad and will be investing Rs 700 crore on the store.
This was informed at a press conference by Juvencio Maeztu, chief executive officer of Ikea India Pvt. Ltd, who also revealed that the second store will be set up in Mumbai.
Ikea plans to open 25 stores in nine Indian cities, for which it received government approval earlier to invest Rs 10,500 crore in India under the 100 per cent foreign direct investment route.
The Hyderabad store will have around 7,500 furniture and home furnishing products and also house a 1,000-seater restaurant, apart from a day centre for children of its employees.
The retailer will directly hire 500 employees, while 1,500 persons will be indirectly employed, with 50 per cent of the staff being women.
The store's 3,000 kilowatts energy needs will be met by roof top solar panels, while all the water will be recycled and used for flushing and gardening making it a zero water waste facility. (AR)
Fibre2fashion News Desk - India
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