If the back-to-back store launches in Mumbai and Bangalore are testing the patience of Delhi residents, then they may have to wait a little longer the maiden IKEA tour. The Swedish-born, Dutch-headquartered home furnishing giant is finally entering the National Capital Region with two stores in Gurugram and Noida - starting 2025.
The company has already begun work on its Gurugram store which is being built by Ingka Centres - a global division of the IKEA parents Ingka Group that builds its malls & shopping centers. Unlike in Hyderabad, Mumbai & Bangalore, the first two upcoming IKEA stores in the NCR will be housed inside shopping malls developed by the Ingka Centres with a total investment of nearly Rs 7,500 crore.
While work for the Gurugram project has already begun at Sector 47, near Medanta hospital, according to Jan Kristensson, global expansion and development director at Ingka Centres, the Noida project will begin by end-2022. “The Gurugram project will be finished by 2025 and it will also have the first IKEA store in the NCR region. We have already identified the Noida location and work to start within six months,” he told Business Today.
Spread across 1.7 million square-feet and nine floors, the 10 acre Gurugram mall will have a 250,000 sq-ft IKEA store. Compared to the Ikea Blue Boxes in Mumbai and Bangalore, the Gurugram store is about half of their size but will house nearly 9,000 Ikea products compared to some 10,000 in these two locations.
According to Kristensson, Ingka Centres has budgeted Euro 400 million (Rs 3,500 crore) for the Gurugram project while the Noida mall would require Euro 500 million (Rs 4,000 crore). Apart from housing IKEA stores these projects will have malls with stores of other flagship brands and high-end office spaces (320,000 sq-ft of office spaces in Gurugram, for instance).
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