IKEA Group acquires first land parcel in Bengaluru
Bengaluru, 1st June 2017: 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 acressite in Bengaluru is strategically located in Nagasandra on Tumkur road and hasbeen acquiredfrom the Bangalore Metro Rail Corporation.The IKEA store in Bengaluru is planned to be around 4.5 lakh square feet and isexpected to have more than 5 million visitors per year. The store will beconnected to the Nagasandra metro station to offer for easy access as well assustainable commute for the customers to the store. Besides creating many newjob opportunities, IKEA’s entry will also have a positive impact on the GDP,infrastructure and local communities, while providing a unique home furnishingsdestination for the many people in Bengaluru.
HonorableChief Minister of Karnataka, Siddaramaiah said “We are very happy thatwe will soon see an IKEA store in Bengaluru. IKEA will bring best businesspractices, many employment opportunities, infrastructure development andcontribute to the growth of the retail sector in the state. We believe thatIKEA will work as a catalyst in our development plans. The government iscommitted to provide the necessary support to IKEA for its future expansionplans in the state.”
ChiefExecutive Officer, IKEA India, Juvencio Maeztu said, “This is aspecial day. Karnataka is a highly strategic and important market for IKEA.Along with retail stores, IKEA’s Purchasing team will also grow local sourcingand engage with local artisan and communities in many projects. Our firstIndian sofa supplier is from Karnataka supplying to our global stores. EachIKEA store will employ 500-700 coworkers directly and another 1500 peopleindirectly in different services. We are committed to inclusion and diversityand having 50% women in our organization at all levels is non-negotiable.”
“We thankthe Karnataka government and officials who have been very progressive andsupportive. IKEA promises to bring a unique shopping experience through ourinspiring stores offering good quality affordable home furnishing products forthe many people in Bengaluru.”, he added.
This step is yet another confirmationof IKEA’s long term plans in India. The company in parallel is evaluatingsuitable sites in the cities of Bangalore, Mumbai, Delhi & NCR, Chennai andPune and plans to open 25 stores in India by 2025.