Ikea Opens Rs 1500 Cr Store In Mumbai With World’s Largest Kids’ Section (6 Facts You Should Know)
On Tuesday, the Swedish retailer IKEA announced the opening of its second Indian store in Maharashtra’s Navi Mumbai.
Ikea’s World’s Largest Kids’ Section
The move is backed with an investment of Rs 1,500 crore for Indians with “big dreams and thin wallets” lifting the lull that the pandemic cast on its expansion.
The global furniture giant also plans to open two smaller format stores in Mumbai within a year, according to the top executives at the company.
So far, the company has invested Rs 7,000 crore in the country with opening of two stores and several fulfilment centres.
In addition to that, Ikea has also started online sales in Pune, Mumbai and Hyderabad as it tries to reach shoppers across multiple-formats and in line with its fresh focus on omni-channel retail.
The Mumbai store was like a milestone and Ikea was part of modern India both in good and bad times, said the CEO of Ingka group, Jesper Brodin.
Six Facts About The Mumbai Ikea Store
- It has the largest shopping section for children that the retailer has in the world. As this category has witnessed huge success at its first store in Hyderabad launched in 2018.
- The 5.3 lakh sq feet Mumbai store, over two floors, will also be accompanying a 1,000-seater restaurant that plans to serve both Indian and Swedish cuisines.
- According to the company, over 2,000 of the 7,000 products sold at the store will be locally sourced.
- For some time, the number of visitors to the store will be capped owing to social distancing.
- The store is expected to attract 5 million shoppers after the return of normalcy post Covid-19.
- The company has already hired 600 direct plus 300 indirect workers.
IKEA Future Plans
By 2030, furniture retailer Ikea plans to invest Rs 6,000 crore in the state of Maharashtra.
Further, the company counts Mumbai as one of its biggest and most important markets in India.
The chief executive officer, Ikea India, Peter Betzel said “India will be one of our priority markets and the investment will follow to enable that,”.
Ikea reported a total revenue of ?407.95 crore For the year ended March 2019.
According To the according to Tofler, it also posted a loss of Rs 685.4 crore for the same period.