It's taken Ikea, the world's biggest furniture retailer, more than 12 years to open a store in India.
Ikea has now invested Rs 10,500 crore in India and has spent half that amount - one of the single biggest investments in the country since Future Group, Reliance Retail, and Aditya Birla More announced similar investments in 2006.
Inside the store has a massive 1,000-seater restaurant, which will serve customers a wide range of food items consisting of staples from Swedish and Indian cuisine, according to its site.
"It's unbelievable, and I'm so glad that they are here", said Shalini Shandilya, another first-time visitor who said she was familiar with Ikea but had never been inside one of its stores. "Our products will be inspiring, affordable, and convenient for Indian customers". But IKEA has priced many products as low as Rs 200 to attract the thrifty Indian buyer. After Hyderabad, the company would be opening stores next in Mumbai, Bengaluru and National Capital Region.
Kampe added that an average Ikea store does around €100 million of business (annually) and the company plans to watch how things go in the first year and achieve the same target in India as well, in the next five years.
IKEA aims to reach 200 million customers in India in the next three years. "Friends, families, festivals and food all happen at home", Patrik Antoni, Deputy CEO, Ikea India said. "For us, the community is a very important priority". "Our suppliers are long term partners who share our vision and values", IKEA mentioned on its website, talking about its relationship with India.
Plot size of 8-11 acres for store to be set up. It is planning to roll out online sales in cities where it can support them with delivery and assembling services. The opportunity exists for a global corporate to make huge inroads.
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November 20, 2012: India's Foreign Investment Promotion Board approves Ikea's proposal to open stores in India. What is interesting is to study the pricing and how Indians will take to the format. These startups have also started brick-and-mortar stores.
The Founders of Urban Ladder, meanwhile, told YourStory that they "welcome competition and it's good for the Indian economy".
November 2, 2017: Ikea announces the purchase of 10 acres of land in Gurugram (formerly Gurgaon) in the National Capital Region outside Delhi from the Haryana Urban Development Authority, and plans to build a 400,000 square-foot store with parking for 1,000 cars and a restaurant seating 1,000 people.
The coming of IKEA is sure to shake up the somnolent furniture market in India, where unorganised players rule the roost, with limited organised players selling their wares.
Ikea's arrival in India is being watched by other worldwide retailers with a hawk eye.
Locals in Hyderabad meanwhile were sceptical.
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