Monday 22 May 2017

Ikea is sticking to his their target of opening 25 stores in India. Ikea stores typically span 4 football fields and offer around 9,000 products under a single roof. Ikea Group will double sourcing from India to 600 million euros ($667 million) as the retailer opens its first domestic outlet next year in a nation pegged to grow into the world's third-largest consumer market. The retailer, which broke ground Thursday for a store in the financial capital Mumbai, is sticking to its goal of opening 25 outlets by 2025 in India despite trouble acquiring land, Juvencio Maetzu, chief executive officer of Ikea India, said in an interview. Its first store is set to open in Hyderabad early next year followed by more in Mumbai, Bengaluru and New Delhi. The world's largest furniture retailer hasn't been fazed by problems acquiring land for its stores, which would typically span four football fields and offer around 9,000 products under a single roof. India is an attractive bet for the company with Boston Consulting Group predicting consumption will grow at more than double the global rate, placing the India market behind only the U.S. and China by 2025. "For us, what is more important is full compliance, right title, right connectivity and an ethical way of land acquisitions," Maetzu said. India's economy and middle-class are growing, he said, as is its transportation infrastructure. "There are challenging and difficult situations, but Ikea won't give up. India will make Ikea better in future." The first Ikea India store was originally slated to open in Hyderabad by end 2017

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