Mumbai to get its first IKEA retail store

The Dollar Business Bureau

IKEA, Sweden-based furniture manufacturing major, has announced the purchase of a 23 acre land in Mumbai, to set up a retail store of 4,00,000 square feet.

The company in a statement said that the site for the store is strategically located on the Thane-Belapur road in Navi Mumbai. This is the second retail store of IKEA in India, after Hyderabad.

The Mumbai store of IKEA is planned to be of 4,00,000 square feet and it expects more than 5 million visitors per year. This move has indicated the expansion plan of the company in India.

To make the store accessible to everyone, the location chosen has good reach  for public transport and is close to the Turbhe railway station.

The company has plans to open 25 stores in India by 2025. Along with that, the company is also planning to establish suitable sites in Mumbai, Bangalore, Delhi and the NCR.

Chief Executive Officer of IKEA India, Juvencio Maeztu, said that Maharashtra is one of the major markets for the company. In addition, we are planning to enhance our supplier landscape and to increase sourcing from the local market as much as possible.

He further said that each store of IKEA will provide employment to 500-700 coworkers directly and around 1,500 indirectly, who are engaged in offering services.

Maeztu added that IKEA is committed to employing 50 percent women at all levels in its organisation ensuring equal opportunities to everyone.

For the last 30 years, IKEA has been sourcing from India and is also planning to double the sourcing volumes by 2020.

Through its 50 suppliers, around 45,000 people have been employed directly by IKEA and 4,00,000 people are being employed through extended supply chains.