Monday, 17 December, 2018

Ikea opening in India brings traffic to standstill

Ikea opens first India store, expects 7 million visitors per year San Antonio-area IKEA on track to open months ahead of schedule
Rhonda Young | 12 August, 2018, 15:29

The store by the world's leading Swedish home furnishings retailer was teeming with customers in the evening and the total number for the day might cross 30,000 when the store shuts down at 11 p.m.

And Siddharth, in charge of a Hyderabad store where customers order bespoke furniture, said Ikea might attract hard-up students but in general people would stick with "quality". Next year, it also plans to start e-commerce so that customers in other locations can also start buying IKEA products. Find us on Facebook too!

"I have no plans to blow a lot of money today, maybe just buy some kitchenware, but this is going to be a destination for me", said Rajani Venugopal, a businesswoman who waited about an hour and managed to be the first person in the doors. "Economy is strong and it will be booming", he said.

It has already acquired land at Navi Mumbai, Gurugram and Bengaluru and has begun work on the Mumbai property, which is expected to be ready by summer of 2019.

United Kingdom economy warms up a touch, Brexit hurdles ahead
More recently, wages have risen more quickly than inflation but there have been signs that household finances remain stretched. The ONS also said that the economy grew by 0.1 per cent in June, down from a more robust 0.3 per cent in the previous month.

Swedish International Furniture Maker, IKEA finally opened its first Indian Store in Hyderabad on Thursday.

"Now we have embarked on the journey of improving life at Indian homes", he said.

Satish Meena, analyst at research firm Forrester said: "Ikea will have to focus on staff training, the right mix of branding and reaching out to more customers in smaller cities and towns".

Earlier, the foray of sectoral giants like French sports goods retailer Decathalon, and Germ-any-based Metro Cash and Carry have dented the sales of players from the unorganised sector.

Plastic bag ban declaration expected
The Warehouse also announced it will ban all plastic bags within a year and is making moves to review its packaging too. Associate Environment Minister Eugenie Sage says degradable bags will also be included in the mandatory phase-out.

HITEC City is the hub of information technology.

To try and ensure it recoups its $1.5-billion investment, the Swedish company has tweaked its offerings to suit Indian tastes, starting with the restaurant, where "Smaklig Maltid - "Enjoy your Meal" in Swedish" is written on the wall. It spans over 4 lakh sq ft of built up space and has stocked more than 7,500 items.

IKEA has recruited 950 employees for the Hyderabad store and 50 per cent of them are women in tune with its policy.

There are now 403 IKEA stores in 49 countries accounting for sales of 38.3 billion euros.

South Western Railway strike suspended
The decision has been made after many correspondences over the past 24 hours between RMT and South Western Railway . A further day of talks has also been proposed for Friday August 17.

Ikea, in tune with its philosophy, has come out with home furnishing solutions for India by taking people's inputs. 'We haven't changed our entire product line as we believe that more than 90% of our range is our identity, ' says Peter Betzel, CEO IKEA India.

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