After Hyderabad, the company would be opening stores next in Mumbai, Bengaluru and National Capital Region. It sells a wide range of home furnishing products. They've designed 2000 products to suit Indian needs.
It also has brought its global classics like the BILLY bookcase, KLIPPAN sofa, LACK table and POäNG armchair among others. Interestingly, IKEA will be sourcing 20% of their products from local vendors but they haven't yet announced which products these are. "One is the Swedish unique range and one is the local range", Ikea food manager Henrik Osterstrom told AFP.
Ikea has an ambitious target of reaching 40 cities and 200 million people, but did not specify timelines.
While Indians may be getting richer, creating an apparent golden opportunity for Ikea as in other emerging economies, spending levels remain low.
December 7, 2016: Ikea says it expects to open a Hydrabad store toward the end of 2017. Indians are habituated to buying fully assembled and done up furniture - something Ikea is not known for.
Full-service offer - in-house and outsourced assemblers, pick-up and delivery, home planning consultants. In comparison, TaskRabbit, the services platform acquired by IKEA in 2017, charges US shoppers a minimum of $36 for any installation job.IKEA has so far only said it will charge more than UrbanClap if its in-house assemblers do the job.
Ikea who put in Rs 1,000 crore into their four lakh square feet store sprawled across 13 acres is not only stopping here. The café will offer coffee, bakes, frozen yogurt and many more for purchase. The food will also be at affordable prices. The 1,000-seater restaurant will have a very affordable menu including a plate of samosas for Rs 10.
The restaurant area also houses a kids' play area named Småland where customers can leave their children while shopping.
IKEA India CEO Peter Betzel said the company representatives visited 1,000 households to understand the needs of the customers. So far, IKEA has spent around half the amount.
IKEA received the nod from the Indian government to invest Rs 10,500 crore in single-brand retail in 2013.
United States retail giant Walmart is betting big on the rise of India's middle class too.
The IKEA Hyderabad store employs 950 co-workers (nearly 50 percent women) directly and 1,500 indirectly in services and expects to host close to 7 million visitors each year.
November 20, 2012: India's Foreign Investment Promotion Board approves Ikea's proposal to open stores in India.
At the Hyderabad store, it now has 8 female forklift drivers and has recruited around 100 girls from the DISHA pilot project.
Customers speak to a store clerk at Ikea's new retail outlet in Hyderabad.
Patrik Antoni, Ikea's deputy country manager, said the company is also looking at smaller cities in the future.