Sunday, April 18, 2021

More IKEA stores in India .. Expansion to thirty cities in the next seven years

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Prime Time Zone, Webdesk: Sweden, a global furniture sales giant, is preparing to expand its business in IKEA India. It plans to open new outlets in thirty cities in India in the next seven years. It is learned that IKEA has already opened a store in Hyderabad as well as Mumbai recently. Peter Betzel, IKEA India Chief Executive Officer, responded to the same. He said work on the new outlets should have started earlier but it was not possible due to the lockdown. But the corona is slowing down, he said, adding that with the Indian economy recovering, the process for new stores will be underway.

IKEA opened its first store in the country in Hyderabad in 2018. It opened its second store in December last year near Mumbai. A third store is under construction in south-east Bangalore and will be available in another year. In addition, IKEA plans to build a large satellite township at Noida, near the national capital, Delhi. The project will be undertaken with an investment of $ 753 million (approximately Rs. 5,000 crore). IKEA aims to complete this in the next three years.

“We are working to increase the proportion of goods and materials produced in India to 30 per cent,” said Peter Betzel. He explained that these products, which are currently 22 per cent, will soon be increased to 30 per cent. He said online sales also increased significantly in the later period compared to the time of the lockdown. Betzel said they sold 10-15 per cent of total sales online a year ago. Now they have increased it to 40 per cent.

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