About 40,000 people visited IKEA’s first India store on its opening day in Hyderabad. It took nearly five years for the company after getting FDI approval from the central government to set up it first store in India. The world’s leading Swedish home furnishings retailer received huge response from customers on Thursday.
As the sprawling store has come up in the heart of Hyderabad Information Technology and Engineering Consultancy City (HITEC), majority of the customers were techies. The 400,000-sq.ft store offers 7,500 products, including 1,000 products priced below Rs 200. It also has a 1,000-seater restaurant, which is the biggest for IKEA in its global network, offering Swedish and Indian cuisine.
The first India store of IKEA was opened with an investment of Rs 1,000 crore, five years after it received the government approval in 2013 to invest Rs 10,500 crore to open 25 stores in India by 2025. IKEA’s next store will open in Navi Mumbai in 2019, followed by Bengaluru and Delhi. In the next phase, IKEA would cover Ahmedabad, Surat, Pune, Chennai and Kolkata. However, the next store will not happen before next summer.