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Ikea to Develop own retail property in India

IKEA_Solar_Calvin_Teo_WikipediaReal estate News IndiaSwedish furniture giant Ikea has chosen to assemble its own particular retail land for setting up stores in key Indian metros in the wake of confronting hardened difficulties in discovering satisfactory retail space that fits its bill.

The retailer is scouting for area allocates right now in examinations with area managers for conceivable securing.Among urban areas being taken a gander at are National Capital Region, Mumbai, Bangalore and Hyderabad.

Juvencio Maeztu, CEO, Ikea India, said the organization will take a gander at retail space between 350,000 square feet and 400,000 sq ft for its stores in India.

“These will be objective stores with great rail and street network. Each one store will call for ventures to the tune of Rs 500 crore,” said Maeztu, talking at the India Retail Forum (IRF) 2014 summit.

Given the space necessities for an Ikea store, the organization will be taking a gander no less than 5-6 acre of land for each one store to have the capacity to give the same shopping knowledge it offers clients in the global markets.

While prior reports had proposed that Ikea may need to take a gander at more smaller stores in India given the space stipulations, an organization official told that there is no such change in arrangement.

“It’s truly a test to discover the sort of retail space that we require for our stores. It was therefore chosen to procure area bundles and assemble our own particular retail space as per organization’s determinations. Additionally, we search for long haul lease of 50-100 years; entering into transient concurrences with shopping center engineers here won’t be tuned in to our business approach,” said the senior official.

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