New Delhi (Anish Yande): Swedish home furniture giant, IKEA has announced the development of its first shopping mall in India. The Ingka Group, which is the parent company of Ikea has stated that its Meeting Place business concept would soon come to India. The project would cost Rs 5,500 crore to the Swedish furniture firm.
IKEA to develop Meeting Place in Noida:
IKEA has acquired a 48,000-square-metre plot in Noida for the development of the Meeting Place. The IKEA Meeting Place is expected to be built in up to three years, according to the company.
Ikea currently has 45 existing Meeting Places around the world, in places such as Russia, Europe, and China. In India, the Swedish firm had previously launched stores in Hyderabad and Mumbai. IKEA India also has online outlets in Hyderabad, Pune, and Mumbai.
The Ikea India store was launched in Mumbai in December 2020 and both stores measure over 400,000 sq ft.
In a statement, Ikea stated that the Meeting Places are located close to an Ikea store and are different from a typical shopping mall. The Meeting Places provide a destination that brings several people together for a variety of reasons.
IKEA India plans development of more stores in India:
The development of the Meeting Place is expected to create job opportunities and support the growth of the infrastructure and retail home decor sector in India, the company said.
Peter Betzel, the CEO of Ikea India, has stated that the company's Meeting Place in India is an important achievement for its plans in the Delhi-NCR region. Betzel said, 'This is in line with Ikea’s ambition to meet 100 million people in India in the coming years.'
Chief Minister Yogi Adityanath has welcomed the group in Noida and has promised support for the development of the IKEA shopping center. The Swedish firm is looking to open two smaller stores in Mumbai and one store in Hyderabad. Mumbai is a priority for IKEA along with Bengaluru.
Image Credit: Google