Visits to IKEA's stores in Hyderabad and Mumbai have become popular outings for Indian consumers looking to upgrade their homes and savouring meals that the Swedish houseware brand is known for. As its reach remains limited and marketing expenses are high, IKEA's losses have only increased, but that hasn't disrupted its pan-India expansion.
After establishing two stores in India's financial capital, IKEA is building a massive 48,000 square-meter store in Noida, outside the national capital.
The global furniture giant is investing a whopping Rs 5,500 crore in the shopping mall meant to attract Delhiites.
The deal for the land parcel had been sealed in 2021 with the Noida Authority, but IKEA is awaiting an approval for its site plan to start work on the project, which will be completed in seven years.
Expansion plans on track
Construction of the mall is expected to begin in the next few months, after IKEA gets a nod from Noida Authority, following scrutiny of aspects such as structural safety.
Speaking about the significance of their latest project, an Ingka Centres spokesperson said, "Delhi NCR is one of our important markets in India. We are thankful to the Government authorities for their continuous support and together working towards launching our IKEA-anchored meeting place for the many people of Noida and Delhi NCR."
Currently, IKEA has three large mega format stores in Hyderabad, Mumbai and Bengaluru, and two smaller city centres.
Apart from Noida, IKEA has also started construction on a store in Gurugram in the National Capital Region.