The world's largest furniture retailer IKEA will open its first store in Navi Mumbai this year in summer. Navi Mumbai store will reportedly come up in Turbhe.
As per a report by Business Standard, IKEA will also open smaller stores targeted towards central business districts and residential areas in Mumbai are in the pipeline. These stores are expected to come up in South and Western Mumbai as well as the central suburbs of the city.
Ikea India's managing director Peter Betzel told PTI on the sidelines of Retail Leadership Summit, "In Mumbai, we will open our big store in summer. In the coming 12 months, we will add two smaller formats of Ikea in the city. The online channel in Mumbai is already there. So, in Mumbai we will have a multi-channel format." He also said the company plans to target 100 million customers by 2022. The world's largest furniture retailer had opened its first store in the country in Hyderabad in August 2018.
On February 27, IKEA had said that though the government's recent move to hike customs duty on imported furniture will have an impact on its business, it will not pass on the increase to customers.
In the Union Budget 2020 announced on February 1, Finance Minister Nirmala Sitharaman announced to increase customs duty on imported furniture from the present 20 per cent to 25 per cent. The move was aimed to protect the interest of the MSME segment.
(Inputs from PTI)
