IKEA, one of the leading furniture retailer brands is eyeing Mumbai as its next hot destination to explore the Indian market. According to the company’s official, Ikea is investing Rs 1,500 crore here as part of plans to have 25 stores across India by 2025 and its first store is likely to come up within 18 months in Navi Mumbai.
This makes IKEA one among several foreign companies such as Amazon, Microsoft, Owens Corning and Emerson which have committed investments in Maharashtra. Speaking on the development, Apurva Chandra, Principal Secretary - Industries, Maharashtra Government said that Ikea is starting to invest now. Company has bought a big piece of land for Rs 400 crore in Navi Mumbai for its store. Ikea plans to build a 400,000 sq ft store on the land. It is investing almost Rs 1,500 crore in the financial capital of India. This will be the first retail store of IKEA in India. Now, since the company had acquired a land, it will be launching its mega store in the city within a year and a half.
The company is expecting around five million footfalls annually at its Mumbai store. Apart from Mumbai, brand is also searching land in other metro cities such as Bengaluru, Delhi and the NCR region. Recently, many American companies such as Amazon, Owens Corning have shown their interest to open their workplace in Mumbai. Amazon is launching its first web services from Mumbai. On the other hand, Owens Corning has taken approval for Rs 1,000 crore and already scouted a huge piece of land to start its operation.
The aforementioned developments clearly indicate that the financial capital of India, Mumbai is becoming the hot bed for the foreign companies. It will be very interesting to watch their business proceeding in the coming years.