Published: Sat, October 13, 2018
Markets | By Otis Pena

IKEA India plans to invest Rs 1,000 crore in Bengaluru

IKEA India plans to invest Rs 1,000 crore in Bengaluru

The company opened 12 new Ikea stores, including its first in India, and customer visits to its 367 stores increased by 3% (838 million visits) in 2018 while visits to increased by 10% (2.35 billion visits in total).

Best known for its low-priced flat-pack furniture and sprawling out-of-town stores, Ikea opened 19 new outlets around the globe, including its first in India and Latvia in August. He also added, "Bengaluru is a very special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail".

In addition to Estonia, Ikea has plans to start selling its products in Ukraine, Luxembourg, Macau, the Philippines, Oman, Mexico, Chile, Colombia and Peru, the company said in a statement.

On 11 October, the global furniture retailer Ikea said that it had commenced the construction of its first store in Bengaluru.

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"As Karnataka is a priority for us, we are investing Rs 1,000 crore in setting up our popular store and another Rs 1,000 crore in expanding it later", IKEA India Chief Executive Peter Betzel told reporters at its ground-laying ceremony in the city's northwest suburb.

"We see that we have flattened out a bit on sales in existing stores, while we have strong growth through expansion and online", Loof said. "IKEA has seen continued growth despite a challenging and changing retail environment", Inter IKEA CEO Torbjorn Loof said in a statement.

In January, New Zealand hopes for an Ikea store were elevated when it was revealed architecture, retail design and property consulting firm RCG has been working with the company on a market research project in this country. The company now has online stores in 35 markets after its operations in Belgium, Romania and Malaysia introduced e-commerce. The company will focus on integrating online and offline stores. The showroom - on a stretch of Tottenham Court Road, central London, known for furniture stores - is just 400 sq metres and took months, rather than years, to open.

In reported currencies, that was 1 percent higher than a year earlier. Rising sales and service revenue at the global level has given a boost to Ikea's expansion across the globe.

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