IKEA, the world's leading Swedish home furnishings retailer has entered the Indian market with the launch of its first store in India at Hyderabad. In addition to the more than 500 jobs that are expected during the construction phase, approximately 250 coworkers will join the IKEA family when the new store opens. The store's opening saw a stampede-like situation. There were many expatriates and the Indians who earlier lived overseas and knew the brand. That plus, meeting local needs like those for an idly - maker or a steam cooker, have all been looked into here.
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Though shoppers began trickling in from 10am, the store opening time, the numbers swelled as the day progressed and shoppers continuted to flock the outlet till the closing time of 11pm.
IKEA laid the foundation stone of its store in Hyderabad on August 11, 2016.
From living rooms to dining rooms, children's rooms to workspaces, kitchen and bedrooms to bathrooms, the display rooms offer ideas, inspiration and solutions for the entire home in a setting, perhaps not seen before in India.
The changes compared with Ikea elsewhere start with the restaurant - "Smaklig Maltid - Enjoy your Meal in Swedish" is written on the wall - with space for 1,000 people, the firm's biggest.
Construction continues at IKEA Live Oak, the company says. The food will be very affordable, for example a plate of samosas will cost Rs 10.
The retail store is built on 13 acres of land spanning over 400,000 sq ft.
Some 380 million Indians, a population bigger than the entire US, will join the middle class in the seven years through 2022. The company, which has employed 950 people directly and another 1,500 indirectly at its store here, plans to hire 15,000 in the coming years as it expands operations in India. One of the reasons for IKEA revising its investment plan is the increase in real estate prices in some parts of India.
India's furniture and furnishing market is largely unorganised with big players catering to high-end market.
There are now 403 IKEA stores in 49 countries accounting for sales of 38.3 billion euros.
After IKEA received FDI approval to set up shop in India in 2013, it was looking at Delhi, Mumbai and Bengaluru to set up its first store.