Ikea opens its first store in India

Ikea opens its first store in India

"We are not opening a store, we're opening a country". It has a range of around 7,500 products. "Ikea has never failed; it's never closed a single store in its history".

The Founders of Urban Ladder, meanwhile, told YourStory that they "welcome competition and it's good for the Indian economy". The Nampally market produces second-hand furniture, and whether or not their clientele will shift to IKEA is unsure.

Ikea has an answer to that as well. As part of this collaboration, consumers buying certain furniture from IKEA can book furniture assembly services via the UrbanClap app or the website.

Ikea has partnered with UrbanClap to offer help in assembling their DIY units.

Another driving force for Indians when they pick furniture is the pricing and durability. Ltd's namesake furniture business, along with mom-and-pop stores vying for an indoor furniture market predicted to expand about 8.8% annually through 2022, according to Euromonitor. To counter that Ikea is selling their lightweight furniture and household items at a cheaper rate - some even cheaper than what they are selling in some overseas markets.

The 400,000 square feet (37,160 square metre) store in the southern Indian city of Hyderabad will offer 1,000 products including cutlery, stuffed toys, hangers and container boxes priced under 200 Indian rupees (US$2.91) - cheaper than in most countries. For eg, a set of knives and forks has been replaced by a set of spoons, their cabinets and countertops display section is kept at a lower level so that Indian women, who are shorter than their European counterparts can assess them better.

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Ikea is spending $1.5 billion in India but analysts reckon it is going to be several years before the company with a presence in 49 countries starts seeing significant returns on that investment.

Last month, Ikea's chief executive Peter Betzel said it plans to target Bengaluru, Delhi, Ahmedabad, Pune, and Chennai markets next.

Ikea said it expects to welcome as many as 6 million visitors a year at its new 13-acre complex in Hitec City, on the outskirts of Hyderabad, India's fourth-biggest city. It will be open throughout the week from 10:00 am to 11:00 pm.

And this piece suggests that the food inside the IKEA store in Hyderabad would be easy on the pocket too. The restaurant will serve mainly vegetarian dishes, and their hallmark beef and pork meatballs have not been included, respecting India's culture and tradition. For example, a plate of samosas will cost Rs. 10, while a salad plate will come for Rs 50.

The store in Hyderabad is the first of 25 outlets planned to be set up in India by 2025. In June, the company said it was likely to open more stores, possibly some smaller stores in cities to complement their typically larger showrooms in suburbs.

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