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IKEA leases 1,00,000 sq ft in Bengaluru to set up first store in city

Friday, 05 Mar 2021
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IKEA has rented 1,00,000 sq ft in Bengaluru, Karnataka, to set up its first store in the city. The store coming up in VR Mall in Whitefield is expected to be operational by 2022. The deal has a lock-in period of 15-20 years.

The firm will be paying rent of Rs 70 per sq ft, excluding common area charges. IKEA will occupy the entire ground floor of VR Mall. The store is currently in the fit-out stage.

The store is planned to be spread around 4,50,000 sq ft and expected to handle more than five million visitors per year.

The company is working towards establishing a strong omni-channel presence in Mumbai, Hyderabad, Bengaluru and Delhi/NCR and also exploring other cities in India. The work on IKEA’s first store in Bengaluru is under construction at Nagasandra.

The company plans to open two more city centre IKEA Stores in 2021 to reach more people in Mumbai. As part of its long-term growth strategy, the Swedish furniture retailer is set to enter top Indian cities with its multi-channel presence with ecommerce and physical stores.

IKEA Purchasing has been sourcing from India for over 35 years and has over 60 suppliers with 45,000 direct employees and 4,00,000 people in the extended supply chain in India producing for IKEA stores worldwide.


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