Author: Ashwin G Shetty
The Ikea group which already has two flagship Ikea stores in India, one in Hyderabad, the other in Navi Mumbai, measuring over 400,000 sq ft each on Friday said that it will be setting up its first shopping mall in India for an investment of Rs 5,500 crore.
Industry experts said, given Ingka group's focus on quality. Land for the project, a 48,000-square-metre plot, has been acquired in Noida, the company said on Friday. As per the plan the IKEA mall will be launched in Noida, Uttar Pradesh, and will add to Ingka Centres' growing list of properties across the world.
The plan of IKEA is to develop a shopping mall, which will be its first in India, along with hotel, offices and retail areas on a 48000 sq meter land in Noida. With this the Ingka group would like to unveil its Meeting Places' concept, providing a sustainable mixed-use destination that would bring ‘many people’ together for multiple reasons.
Peter Betzel, the chief executive officer and chief sustainability officer, Ikea India, pointed out that Delhi NCR is an important market for the retailer and this step in expansion is linked with Ikea's ambitious plan to meet 100 million people in India in the coming years.
IKEA's future plans consist of setting up smaller city-centre stores in Mumbai and Bengaluru in the future.