IKEA entered India in 2018 with its first shopping mall in Hyderabad. Followed by its second store in Mumbai in which began operation last year. The new store will be further developed into a mall with the IKEA store. IKEA’S shopping centers business has recently bought 48000 square meter land in Noida which is on the outskirts of Delhi.
As per reports, the furniture retailer will invest nearly Rs 55 billion or $759 million in the Noida project. Currently, there are 45 IKEA store-based malls located across Europe, Russia, and China. Expansion into the United stated is expected by 2021.
In an emailed statement the company said that further details for the project will be announced in the future. INGKA centers plan to expand to the United States and around 45 large cities where IKEA has already been established in the years ahead.
The lifting of covid-19 restrictions which forced stores and malls to close have resulted In customers coming back to malls in October.
Ingka group owned Ingka centers also owns 367 out of 422 IKEA stores around the globe.
IKEA has opened two stores and numerous fulfillment centers in India for Rs 2000 crores. The portfolio of the retailer includes furniture, kitchen appliances, and home accessories.