First Ikea store in India expected to draw 7 million visitors a year
After years of waiting, Ikea is finally set to take on one of the world’s biggest markets.
The Swedish furniture company will open its first retail store in India to customers on Thursday morning, where it anticipates as many as 7 million visitors a year.
The new store is spread across 400,000 square feet in the southern city of Hyderabad, part of Ikea’s plans to invest $1.5 billion in India over the next several years.
It aims to have 25 outlets across the country by 2025. The next store is slated to open in Mumbai in 2019, followed by Bangalore and Gurgaon, on the outskirts of Delhi.
Ikea plans to eventually spread its iconic blue-and-yellow stores across more than 40 Indian cities. The company said it will spend about $145 million on each store it opens in the country.
“We are making a long-term commitment,” Ikea’s India CEO Peter Betzel told reporters in Hyderabad on Wednesday. “India will be the future.”