The IKEA Group, the Swedish home furnishings company today announced the acquisition of its first land parcel in Bengaluru. This will be IKEA’s third one in India after Hyderabad and Mumbai. The first IKEA India store in Hyderabad will open early next year.
The 14 acres site in Bengaluru is strategically located in Nagasandra on Tumkur road and has been acquired from the Bangalore Metro Rail Corporation. The IKEA store in Bengaluru is planned to be around 4.5 lakh square feet and is expected to have more than 5 million visitors per year. The store will be connected to the Nagasandra metro station to offer for easy access as well as sustainable commute for the customers to the store. Besides creating many new job opportunities, IKEA’s entry will also have a positive impact on the GDP, infrastructure and local communities, while providing a unique home furnishings destination for the many people in Bengaluru.
Honorable Chief Minister of Karnataka, Siddaramaiah said “We are very happy that we will soon see an IKEA store in Bengaluru. IKEA will bring best business practices, many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the state. We believe that IKEA will work as a catalyst in our development plans. The government is committed to provide the necessary support to IKEA for its future expansion plans in the state.”
Chief Executive Officer, IKEA India, Juvencio Maeztu said, “This is a special day. Karnataka is a highly strategic and important market for IKEA. Along with retail stores, IKEA’s Purchasing team will also grow local sourcing and engage with local artisan and communities in many projects. Our first Indian sofa supplier is from Karnataka supplying to our global stores. Each IKEA store will employ 500-700 coworkers directly and another 1500 people indirectly in different services. We are committed to inclusion and diversity and having 50% women in our organization at all levels is non-negotiable.”
“We thank the Karnataka government and officials who have been very progressive and supportive. IKEA promises to bring a unique shopping experience through our inspiring stores offering good quality affordable home furnishing products for the many people in Bengaluru.”, he added.
This step is yet another confirmation of IKEA’s long term plans in India. The company in parallel is evaluating suitable sites in the cities of Bangalore, Mumbai, Delhi & NCR, Chennai and Pune and plans to open 25 stores in India by 2025.
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