NEW DELHI: Ingka Group, that runs Ikea stores and shopping centres worldwide, on Friday announced the acquisition of a land parcel in Noida, Uttar Pradesh, to develop an Ikea-anchored retail destination under its Ingka Centres business that operates 45 large-format shopping outlets worldwide.
Total investment planned for the project is close to Rs5,500 crore.
“Ingka Centres, part of the Ingka Group, which also includes Ikea Retail and Ingka Investments, has today taken its first step to expand into India with a major land acquisition in India. The 47,833 sq. m plot in Noida, Uttar Pradesh will be developed into an Ikea anchored retail destination, adding to Ingka Centres’ 45 existing Meeting Places around the globe,” the company said in a statement.
The acquisition reinforces Ingka Group’s long-term expansion plans for India, it added.
The project is expected to create more job opportunities, support infrastructure development, and growth of the organised retail and home furnishings sector in the region, the company said.
“Delhi NCR is one of our most important markets in India and we will reach the many people with our beautiful, affordable, well designed and sustainable home furnishing products. This next step in our expansion is in line with IKEA’s ambition to meet 100 million people in India in the coming years,” said Peter Betzel, CEO and CSO, IKEA India.
To be sure, this format is different from a standalone large-format Ikea store.
Ingka Centres develops shopping centres worldwide. It typically works as a mixed-use destination, always anchored around an Ikea store. Such outlets typically house restaurants and other brands such as fashion, home, among others. Globally, Ingka Centres works with 1,600 brands across its portfolio of 46 such centres in 16 markets.
This marks a new format for Ikea in the India market where it already has two standalone stores under IKEA India – in Hyderabad and Navi Mumbai. The company operates online in Mumbai, Pune, and Hyderabad .
News Source:- livemint