IKEA plans to open 400,000 sq ft Store in Mumbai

Recently, IKEA had signed a memorandum of understanding with Haryana government and said it will invest an estimated Rs 2,000 crore to open its stores in the state.

The brand will build a 400,000 square feet, which is more than the size of five football fields in Mumbai and has received a land parcel for the same, said the Swedish furniture retailer.

The 23-acre site in Navi Mumbai is the second land parcel for IKEA in the country with the first being in Hyderabad. The company expects its Navi Mumbai store to attract more than 5 million visitors each year once it's operational.

Maharashtra was one of the most important markets for IKEA. Along with setting up retail stores, and now the brand will expand its supplier landscape and grow local sourcing as much as possible, stated Juvencio Maeztu, chief executive officer at IKEA India.

According to Maeztu, each IKEA store will employ 500-700 workers directly and another 1,500 indirectly, engaged in providing services. Currently, IKEA plans to open 25 stores by 2025 in nine Indian cities including Bengaluru, Mumbai and Delhi-NCR. It recently signed a memorandum of understanding with Haryana government and said it will invest an estimated Rs 2,000 crore to open stores in the state.

Apurva Chandra, Maharashtra's principal secretary, industry, said the Swedish retail giant will work as a catalyst for the state's development plans. He further said that the company will bring the best business practices, many employment opportunities and infrastructure development and contribute to the growth of the retail sector in the state. Even, the government is committed to provide the necessary support to IKEA for its future expansion plans in the state.