The First Indian Store of IKEA Opened in Hyderabad in the Area of 13 Acres

First Indian Store of IKEA Opened in Hyderabad In 13 Acres

IKEA, the largest furniture retailer in the world that designs and sells furniture, home accessories and kitchen appliances has opened its first India store in Hyderabad, the capital city of Telangana state on August 09, 2018. Based in Sweden, the retailer company planned for this store 12 years back and finally opened six years after the first announcement. It embarks the first of 25 stores it plans to open in India by 2025.

The store spread across 400,000 square foot area will provide almost 7,500 products to the customer, and around 1,000 products among those would be sold at a price less than INR 200. The current expectation of IKEA is six million customers per year. The earlier fixed date of July 19 was postponed to August 09 to improve the quality standards for its customers and employees.

The teams of the company have visited almost 1000 Indian families with different lifestyles and incomes to understand their requirements, thereby, to design and make them available in the store of 7,500 furnishing products. IKEA also provided the restaurant services in the store, which is its largest with the seating capacity for 1000 people. Almost half of its food menu includes vegetarian items, and chicken replaces the typical beef and pork sections due to the cultural differences in India.

IKEA has already brought lands in Bengaluru, Mumbai and Gurgaon. Its next store will be opened in Mumbai in 2019, followed by Bangalore and Gurgaon. The company is also planning to open its stores in Kolkata, Chennai, Pune and Ahmedabad. It is also planning to start its e-commerce business from Mumbai from 2019 by offering online sales to cities that are suitable for delivery, assembling and fulfilment.

The furniture business in India is largely non-branded, and some of the famous companies in the furniture market of the country that can face tough competition with the advent of IKEA are Pepperfry, Urban Ladder, Godrej Interio,  Future Group’s HomeTown and Durian Furnitures.

About Varun Seepathi 40 Articles
With an experience of over 3 years, Varun Seepathi has aided more than 50 medium to small and large firms for foraying into new markets, by increasing footprint in the existing bracket and understanding the ins and outs of these beasts. These beasts are the companies which have been exclusively engaged in materials, chemicals or packaging activities, and have encountered restraints either in the maintenance of P&L or in beating their competitors. He has also authored more than 300 research papers relating to the industry which consist of crucial information such as addressable serviceable market, strategies of players, growth of the market, market size, forecast, market share estimations and winning strategies along with opinions on the same. The “three slope distributor/off-taker evaluation model” currently in use by a lot of multinational companies has also been pioneered by him. A mood driven writer, a professional consultant, and a born explorer, Varun Seepathi is currently working as a full-time consultant. Healthcare, wealth management and information technology are some of the verticals of the industry where he has demonstrated his skills.