Swedish furniture and home furnishings retailer IKEA has leased two floors spread over 1 lakh sqft of retail space at realty developer Runwal Group’s R City Mall in Mumbai’s central suburb Ghatkopar for a long-term tenure of total 9 years, said persons with direct knowledge of the development.
This space will be utilized to develop IKEA’s second city-center store in the country’s commercial capital.
IKEA is known for its massive stores. However, the company is approaching Mumbai, the country’s most expensive realty market, with a different plan in line with other international cities like Paris, Moscow and Shanghai. The retailer is likely to follow this omnichannel strategy across India.
Recently, the retail giant opened India's first city store in Mumbai's Worli area and Ghatkopar will be the second such store. IKEA's new store in Kamala Mills is designed for smaller spaces, measuring in at around 50,000 to 1 lakh sqft, as opposed to the traditional blue box stores, which are typically spread over 4 lakh to 5 lakh sqft.
In India, it already operates a large-format store in Navi Mumbai that started operations in 2020. Prior to this, the company had started its first large store in Hyderabad. It also has a large-store under development in Bangalore and this is likely to go live later this year.
“The company has inked the deal for this space and was registered recently. It is likely to open this store by the middle of this calendar year,” said one of the persons mentioned above.
The city store format allows IKEA to be adapted to smaller spaces in an urban context and makes it more convenient for the many customers to experience the IKEA offer.
“IKEA has a long-term view on Maharashtra and we will have an omnichannel approach in the market with small and big stores and online. We opened the big IKEA Navi Mumbai store in 2020 and recently the first city store in Worli. Currently IKEA India is in talks with different entities in order to identify suitable locations for our future stores in Mumbai. We will be able to share more details at a later date when we have secured all processes,” said a spokesperson of IKEA.
Runwal Group declined to comment for the story.
The company’s omnichannel growth strategy is driven by its goal to be close to customers, become more accessible, convenient, and create a great IKEA experience wherever and whenever they want.
IKEA also has e-commerce operations and IKEA app in Hyderabad, Bengaluru, Mumbai, Pune, Ahmedabad, Vadodara and Surat. Mumbai, Delhi-National Capital Region (NCR) and Bangalore are prioritized omnichannel markets including both offline and online presence for the company’s India operations.
In India, the retailer is working with over 50 suppliers, engaging over 45,000 direct co-workers and around 4 lakh co-workers in the supply chain.
Source: content.magicbricks.com
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