Wednesday, 15 August, 2018

KTR inaugurates IKEA store, says Hyderabad very attractive destination for multinationals

Want a discount on an IKEA couch? Take a trip to India. [AD EXCLUSIVE] First look at the IKEA store in Hyderabad
Rhonda Young | 09 August, 2018, 16:24

A six-piece bowl set with cutlery for kids costs 131 rupees, for example.

November 20, 2012: India's Foreign Investment Promotion Board approves Ikea's proposal to open stores in India.

Ikea will offer more than 1,000 products under 200 rupees ($2.91) but experts say it faces a hard balancing act between setting prices low enough to attract cost-sensitive consumers but high enough to reel in the status-conscious rich.

The IKEA restaurant will offer 50% Swedish specialities like salmon and chicken and vegetarian meatballs and 50% local delicacies like biryani, samosas, dal makhni, in the case of Hyderabad.

IKEA's Hyderabad store has come up with an investment of Rs 1,000 crore and and will house a 1,000-seater restaurant, IKEA's largest. Against the backdrop, the company forecasts the Indian home sector to grow at a compound annual growth rate (CAGR) of 10.9% during 2016-2021 and reach ₹4.979 trillion by 2021.

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"I don't think it will give us much competition".

Speaking to CNNMoney two hours after the store's 10 a.m. opening, Achillea estimated that almost 3,000 customers had already come in.

The Swedish company is investing $1.5 billion in India as it bets big on luring a rising middle class away from local furniture makers. Incidentally, IKEA's second store in India is expected to open in Mumbai in 2019. But in the process, IKEA is sure to trigger a price war in India's fragmented furniture market.

"I will certainly visit the store soon, probably at the weekend".

Customers speak to a store clerk at Ikea's new retail outlet in Hyderabad. The Hyderabad store has 150 employees dedicated to assembling products for customers, a job that Ikea has also outsourced to external workers. For instance, in India, the white variation of the company's best-selling Billy bookcase is cheaper by a fifth than in the United States and the dark-grey Ektorp sofa is priced 30 percent lower.

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IKEA finally set the ball rolling on its first India store at the beginning of 2018, despite announcing intentions to invest in India in 2012, when India relaxed sourcing norms under FDI rules in single-brand retail. The new IKEA storein India expects to welcome as many as 6 million visitors annually to its 13-acre complex located in the tech-hub enclave of Hyderabad. "Ikea has never failed; it's never closed a single store in its history".

IKEA opens its door on August 9 in Hyderabad.

Ikea is yet to put a timeframe on when they might open.

Finding space big enough for Ikea's trademark large stores in India's notoriously congested cities also poses a challenge. "This is my first visit, and I'm just exploring. but I'm going to be here very often". According to IKEA India CEO Peter Betzel, India will be one of the biggest markets for IKEA in the future when it comes to suppliers, customers, society and making a positive impact on the planet.

What started as a trickle of shoppers at 10 a.m., when the store opened, had turned into a steady stream about an hour later.

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