IKEA opens first store in India
The Swedish retail giant, IKEA, has entered the Indian market by opening its first store in the country.
The shop, which opened on 9 August, is located in Hyderabad, the capital city of the Telangana state in southern India.
The firm plans to open 25 outlets in the country by 2025, announcing it will be investing at least $1.5bn in the nation.
The 400,000sqft store, which is home to IKEA’s largest in-house 1,000 seat restaurant, received a total investment of Rs1,000crore (US$145mn) prior to its launch.
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The site also has the largest amount of on-ground staff with 950 members, and is anticipated to host 7mn customers per year.
“We want to make promises today,” remarked the CEO of IKEA, Jesper Brodin, during a press conference, Quartz reported.
“The first promise is, we will try to become affordable… [offering] 1,000 products below Rs200 is a good start. We want to meet many more Indians with our affordable price.”
“Secondly, we want to be accessible. From tomorrow, we will be accessible in Hyderabad, and now we will take our efforts to speed up our expansion… we are already ready with a spade in the ground in several parts of India.”
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