IKEA’s first India store opens in Hyderabad
World’s largest furniture retailer IKEA opened its first store in India today with a massive 400,000-square-foot showroom on the outskirts of Hyderabad. The store houses some 7,500 products of the Swedish brand. IKEA has invested over Rs. 10 billion for its India foray and eyes to open stores in all major cities in the country over the next few years.
IKEA expects to welcome six million consumers every year to its store in Hitec City, on the outskirts of Hyderabad. The store is built on a 13-acre land. IKEA will sell 1,000 items including cutlery and toys for less than Rs. 200 at its Hyderabad store. The store will be home to about 7,500 products including the retailer’s signature DIY (Do It Yourself) furniture. The company is now looking at Asia and South America for its next phase of growth as sales slow in Europe and other developed markets. IKEA is betting on India’s growing middle class and plans to launch 25 stores in all major cities by 2025.