IKEA shopping malls to invest around $ 928 million in India, senior executive says Retail News, ET Retail

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MUMBAI: The shopping center division of Swedish furniture giant IKEA will invest around 7,000 crore rupees ($ 928 million) in two centers it plans to build on the outskirts of New Delhi, a senior executive said on Wednesday.

The shopping malls business of IKEA, one of the largest in the world, said it was building two malls – malls anchored by its stores – in Gurugram and Noida, two large cities on the outskirts of India’s capital. .

“Beyond the investments that are happening in the retail business, we are planning two centers and they are worth around 7,000 crore rupees,” Peter Betzel, CEO of IKEA’s Indian operations, told Reuters.

The Gurugram shopping center, which will house offices next to an IKEA store, is expected to be operational in 2025, Cindy Andersen told Reuters last month, chief executive of Ingka Centers.

Ingka Centers is part of the Ingka group, which also owns most of the IKEA stores around the world.

The company, which opened its first store in India in 2018, will open the doors of its first urban store in Mumbai on Thursday, the first of its kind in the country. He said he plans to invest more than 100 billion Indian rupees in his retail business in the country.

Smaller than an IKEA department store and located in the business district of south-central Mumbai, the store offers a selection of the company’s large inventory of home products.

Betzel said the company is not planning to raise prices in India, but is looking for more local suppliers to reduce input costs.

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