IKEA sets eyes upon Bangalore, leases 100,000 sq ft land
Interiors

IKEA sets eyes upon Bangalore, leases 100,000 sq ft land

Expansion plans in India

IKEA, opened its first store in Hyderabad in 2018, followed by Navi Mumbai and is also gearing up to open its small format store in Bangalore with an investment in a 14-acre land parcel at Nagasandra, Bangalore.

Peter Betzel, CEO, IKEA India, had earlier said small-format stores would be city-centre stores and would have the same look and feel like any other IKEA store. The small-format store in Whitefield will have a smaller range on display, and the presentation will be different.

Creating Employment

With its 40 stores planned across 10 Indian cities, IKEA will increase its contribution to job creation in the country. The Swedish company employs 1,000 people per store and 1,500 people indirectly, and also sources 1,000 products locally, pricing them at less than Rs 200 apiece. It sources from 50 local manufactures and its annual exports from India are worth over $350 million.

The retail giant expects to create opportunities in areas such as merchandising, store operations, supply chain, and allied assembly services. The first big-format store opened in Turbhe, Navi Mumbai, and will employ 1,000 direct workers and 1,500 indirect workers across services.

Plans For Pune

IKEA has set up a 270,000-square-feet distribution centre in Pune in partnership with IndoSpace Industrial Park, which is leased at a cost of Rs 20 crore per year. It has also earmarked a Rs 750-crore expansion plan. Earlier the company planned a further investment of Rs 100 crore in Pune to add another 2.5 lakh square feet of space.

The COVID-19 pandemic may have hit IKEA's expansion plans in India, but the Swedish furniture and decor behemoth is readying to open new stores in one of its fastest growing markets.

Expansion plans in India IKEA, opened its first store in Hyderabad in 2018, followed by Navi Mumbai and is also gearing up to open its small format store in Bangalore with an investment in a 14-acre land parcel at Nagasandra, Bangalore. Peter Betzel, CEO, IKEA India, had earlier said small-format stores would be city-centre stores and would have the same look and feel like any other IKEA store. The small-format store in Whitefield will have a smaller range on display, and the presentation will be different. Creating Employment With its 40 stores planned across 10 Indian cities, IKEA will increase its contribution to job creation in the country. The Swedish company employs 1,000 people per store and 1,500 people indirectly, and also sources 1,000 products locally, pricing them at less than Rs 200 apiece. It sources from 50 local manufactures and its annual exports from India are worth over $350 million. The retail giant expects to create opportunities in areas such as merchandising, store operations, supply chain, and allied assembly services. The first big-format store opened in Turbhe, Navi Mumbai, and will employ 1,000 direct workers and 1,500 indirect workers across services. Plans For Pune IKEA has set up a 270,000-square-feet distribution centre in Pune in partnership with IndoSpace Industrial Park, which is leased at a cost of Rs 20 crore per year. It has also earmarked a Rs 750-crore expansion plan. Earlier the company planned a further investment of Rs 100 crore in Pune to add another 2.5 lakh square feet of space. The COVID-19 pandemic may have hit IKEA's expansion plans in India, but the Swedish furniture and decor behemoth is readying to open new stores in one of its fastest growing markets.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?