IKEA to open Ingka Centres’ to expand organised retail in India

The Sweden based global furniture giant, IKEA has recently acquired a 48,000 sq. metre land to build a shopping centre in Noida. Ingka Centres, which has anchored malls in Russia, Europe and China, plans to invest nearly Rs. 5,500 crore in this project.

Cindy Andersen, Managing Director, Ingka Centres stated, “India is an exciting and dynamic market, and today’s acquisition is a key milestone in our strategic vision to transform the business in response to the changing retail environment. Millions of people live within easy reach of Noida and we want to build emotional connections with them by bringing as much value as we possibly can to their lives and communities.”

The Ingka Centres’ Meeting Place concept is different from a typical shopping mall, catering to a sustainable amalgamated use of a space that brings the proper together for various reasons. These meeting places are always anchored around IKEA sore and are planned to meet the needs of the local people bringing more value to the customers, communities and partners.

Peter Betzel, Chief Executive Officer, IKEA India, added, “We will reach many people with our beautiful, affordable, well designed and sustainable home furnishing products. The next step in our expansion is in line with IKEA’s ambition to meet 100 million people in India in the coming years.”

Through the new store in Noida, the company expects to fortify the infrastructural development and expansion in organised retail and home furnishings sector in the region.