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IKEA India chief executive Peter Betzel said that IKEA will launch its online retail business operations in India by March 2019. The Swedish furniture and home furnishings retailer which launched its first India store in Hyderabad on 9 August, will also invest Rs. 1,000 crores for its 500,000 sq. ft Bengaluru outlet, which is expected to open in the summer of 2020.
Peter Betzel stated, “Bengaluru is truly cosmopolitan with many people moving in to find new opportunities. With the Ikea store, we will contribute to a better everyday life for all Bengalureans with well-designed, functional home-furnishing solutions.”
According to the IKEA ‘s statement, the Bengaluru store will house a parking capacity for 2,000 cars and accommodate a 1,000-seater restaurant along with a supervised children’s play area. They also propose to employ 800-1,000 direct employees and engage another 1,500 indirectly.
According to the company’s statement, Karnataka is a priority market for them and they are willing to invest over Rs. 2,000 crores in the state in the long run. Ikea also expressed their 2016 target, which is of opening 25 stores in India by 2025 and aims to create their presence in at least 49 cities by 2030.
IKEA launched its first ever store in Hyderabad after studying the local market for a decade. So far the company has invested around Rs. 800 crores in order to set up their first Indian store. The company is also expecting its Mumbai store to open up in later this year.
