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IKEA had earlier invested over Rs 800 crore in Hyderabad, which includes a closed 1000-seated restaurant. They also said that the Hyderabad store was the first of 25 such outlets they planned to set up in India by 2025.
This largest Swedish home furnishing retailer Ikea is all set to launch their e-commerce operations in our country, starting with Mumbai followed by Hyderabad and Pune, a top company official said
“Ikea India Chief Executive Officer Peter Betzel talking to reporters on the sidelines of first anniversary celebrations of their store here, said that this outlet witnessed one million purchases from over four million footfalls”
He also said that the company was looking at various channels, including small formats and customer meeting terminals, to reach their customers.
“India is a long-term commitment for Ikea, and we will focus on fast expansion multi-channel approach said Peter Bezel.
Their goal is to meet 100 million customers with their excellent and affordable home furnishing offer to make everyday life at home comfortable and brighter..”.
Their next destination is Mumbai, where they will soon start their e-commerce, which enables them to meet many more customers, followed by Hyderabad and Pune online.
The store was opened on August 9, 2018. This restaurant served one million each of frozen yogurt, veggie balls, and chicken balls during the past one year. This outlet has around 3.50 lakh Ikea family membership registrations.
“We are simply attractive for the fun day outing for families. We know that on an average four people as a family visits our store so you can say then it is much bigger than 1 million buyers,” Bezel said.
On the upcoming Mumbai outlet store, he said that the construction work was going well on there. On the accounting of breakeven of this Hyderabad store, he said that they were looking at long term initiation to India and not predicting when the operations will swing profitable.
When asked about their company’s plans to roll out smaller type outlets, the executive said, “we are in adjustment. .. We are now looking at real accessibility with stores online and different store formats. So from here, we will have many product meeting places with different formats, not only stores but also online and meeting places in cities with large store formats. That’s how we are transforming Ikea too. Because the world is evolving, so we too should adapt to that.”
The Hyderabad outlet store was the first of 25 such outlets planned to set up in India by 2025. IKEA in 2013 received the nod from the government to invest Rs 10,500 crore in single-brand retail.