Swedish furniture retailer Ikea will formally inaugurate its first store in Hyderabad on July 19. The store, spread over 4,00,000 sq ft, will stock over 7,500 products and has more than 1,000 products priced under Rs 200. Besides, the company is looking at a multi-channel delivery and the first online store will be operational in Mumbai by next year.
The Hyderabad store is being set up with an investment of `1,000 crore which is part of the committed investment of over `10,000 crore for India to set up 25 stores. The Ikea group is the first major single-brand retailer to get FDI approval and plans to open several stores across metro cities.
Ikea India CEO Peter Betzel said the firm is looking at a long-term growth in the country. “We are looking at a multi-channel delivery model. We will be starting our online business for home furnishing products in Mumbai next year followed by other online stores in a phased manner,” he said.
