Swedish home furnishings retailer IKEA’s shopping malls business Ingka Centres has entered the Indian market by acquiring a major land in Uttar Pradesh, India.
The 47,833 sq m plot in Noida, Uttar Pradesh will be developed into an IKEA anchored retail destination. Total volume of investment into the project is planned to be close to Rs. 5500 crores (above 600 million euro).
This announcement comes close on the heels of launching the second IKEA India store in Mumbai in December 2020. IKEA Hyderabad, which was the first store in India, has been open for two years and the company operates online in Mumbai, Pune and Hyderabad.
”Noida has been chosen as the perfect location for a new retail-led destination that will match the lifestyles of the fast-growing population across India’s National Capital Region,” said Ingka Centres in a statement. Located in Uttar Pradesh, in 25 km from New Delhi, Noida is renowned for the quality of its infrastructure, open spaces and for being India’s greenest city. The site is close to the city centre of Noida, with transport links.
“India is an exciting and dynamic market, and today’s acquisition is a key milestone in our strategic vision to transform the business in response to the changing retail environment. Millions of people live within easy reach of Noida and we want to build emotional connections with them, by bringing as much value as we possibly can to their lives and communities. We look forward to presenting our Meeting Place concept to this market, a concept built around local communities needs and which goes far beyond shopping,” said Cindy Andersen, Ingka Centres Managing Director.
Ingka Centres’ Meeting Place concept is very different to the typical mall, providing a sustainable mixed-use destination that brings the ‘many people’ together for multiple reasons. Meeting Places are always IKEA anchored and are designed around the needs of local communities to bring value for customers, communities, and partners.
Peter Betzel, CEO and CSO, IKEA India said, “We are happy to announce the first IKEA store in Noida together with Ingka Centres. 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.”