So far, the Swedish furniture company has opened two city centers in Mumbai and three flagship stores in Navi Mumbai, Hyderabad and Bengaluru. Swedish furniture giant IKEA plans to set up local urban branches along with department stores in India through an online channel, according to a senior company executive. Changing consumer behavior has led to this strategic change.
In 2013, the company, which received government approval to invest 10,500 crores to open stores in India, plans to open 10 furniture stores and related infrastructure in India within ten years. Later, IKEA plans to open 15 more stores. So far, the company has opened three major stores in Navi Mumbai, Bengaluru, Hyderabad and two urban centers in Mumbai. When asked how the pandemic has affected the company’s growth aspirations in India, Suzanne Polverer, CEO of IKEA India, said: “During the Covid period, it has slowed down a bit, but we are also one of the first markets to open. learn”.
He said that in order to move forward, people must be close to where they are. During this time, we also saw smaller formats that are still prevalent in Indian retail. Asked if the approach to doing business in India needs to change, Bollorer said, “Yes, it needs to.” We follow this not only in India but also all over the world.
Big store on the street, but not enough (city). People prefer to have their shopping delivered because they don’t have time or a car to carry everything. Then we will be able to get to know people better and have more opportunities to interact with them. “It’s the full IKEA experience and smaller, maybe even smaller, where you can come and plan and get support to design your home,” he continued. As a result, it will be multi-channel. According to Bulwerer, IKEA is still in the FDI approval phase and no further investment is planned, despite the furniture retailer’s long-term commitment to the Indian market.
“We think the future is multi-store, multi-channel, because we think that’s the future. I am not ready to express the mixture, size or year. We implement these methods. What