Ikea acquires land parcel for store in Bengaluru

Ikea has acquired land parcel for store in Bengaluru. This will be Ikea’s third store in India after Hyderabad and Mumbai. The Ikea store in Bengaluru is planned to be around 4.5 lakh square feet. The 14 acres site has been acquired from the Bangalore Metro Rail Corporation. The Swedish home furnishing retailer plans to open 25 stores in India by 2025.

"We are very happy that we will soon see an Ikea store in Bengaluru. Ikea will bring best business practices, many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the state. We believe that Ikea will work as a catalyst in our development plans. The government is committed to provide the necessary support to Ikea for its future expansion plans in the state," chief minister of Karnataka, Siddaramaiah said.

"This is a special day. Karnataka is a highly strategic and important market for Ikea. Along with retail stores, Ikea’s purchasing team will also grow local sourcing and engage with local artisan and communities in many projects. Our first Indian sofa supplier is from Karnataka supplying to our global stores. Each Ikea store will employ 500-700 coworkers directly and another 1,500 people indirectly in different services. We are committed to inclusion and diversity and having 50 per cent women in our organisation at all levels is non-negotiable," chief executive officer, Ikea India, Juvencio Maeztu said.

"We thank the Karnataka government and officials who have been very progressive and supportive. Ikea promises to bring a unique shopping experience through our inspiring stores offering good quality affordable home furnishing products for the many people in Bengaluru," added Maeztu.

Besides creating many new job opportunities, Ikea’s entry will also have a positive impact on the GDP, infrastructure and local communities, while providing a unique home furnishings destination for many people in Bengaluru.