Swedish home furnishings retailer Ikea will open its first store in India at Hyderabad Thursday. Media personality and delegates were given a preview of the sprawling store today. Officials said it was a landmark moment for Ikea after it got FDI approval in 2013 that allowed 100 per cent FDI for single-brand retailers in India.
The Hyderabad store is spread over 13 acres with a floor size of 4 lakh sq feet in the heart of HITEC City. The store has 7,500 products including fully furnished rooms. The store will house a 1,000 seater restaurant which will offer Indian as well as Swedish cuisine at affordable prices. The store has 950 workers and expects close to 7 million visitors every year.
After Hyderabad, Ikea plans to open stores in Mumbai in 2019 followed by Bengaluru and Gurugram. Ikea also looking to expand to cities like Ahmedabad, Surat, Pune, Chennai, and Kolkata. By 2025, Ikea is looking to have a presence in 25 cities in India. Ikea has invested about Rs 1,000 crores in the Hyderabad store.