Synopsis
IKEA had earlier announced plans to open 25 stores in India, but it has now rejigged its expansion plans with a new ambition to serve 100 million people by 2022 and open a lot more stores, including small ones.
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The Swedish retailer entered India two years ago by opening a store in Hyderabad, and has since seen revenue surge ahead of rivals including PepperFry and Urban Ladder.
IKEA, world’s biggest furniture retailer, will invest Rs 5,500 crore in developing shopping mall, hotel, offices and retail areas in 5 lakh sq ft, Noida authority said in a statement on Friday.
Noida authority had allotted the land to Ingka Centers India Pvt. Ltd in October 2019 and lease deed of the same was signed on Thursday.
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