Accelerating its India expansion, furniture giant Ikea plans to open a store in Bengaluru in the next 12 months. The company hopes to roll out shops in 30 cities within seven years. It opened its second India store on the outskirts of Mumbai in December.
Ikea’s first store was opened in Hyderabad in 2018. The store has just two years left to raise the ratio of goods and materials sourced from India -- currently at 22 per cent -- to at least 30 per cent to meet local regulation. The Swedish furniture giant is now making up for lost time as the Indian economy rebounds from the pandemic-induced recession and new COVID-19 infections slowdown in the country.
Ikea recently acquired space in Noida, for a $753 million multipurpose mall that should be ready in about three and a half years. Development on a second store close to India's national capital will begin this year and two smaller centers in Mumbai will open in 2021, in sync with its global expansion spree as it adds stores at a record pace despite worldwide virus restrictions.
