IKEA acquires land for store in Navi Mumbai.

Swedish home furnishings company IKEA recently announced the purchase of its first land parcel in Mumbai and the second in India (after Hyderabad), which will enable it to build a 4,00,000-sq-ft store in Mumbai.

The 23-acre site is located in Navi Mumbai on the Thane-Belapur Road, and the retailer expects to have more than 5 million visitors per year.

To be easily accessible the store site has good access to public transport and is located next to an existing sub-urban railway station 'Turbhe'.

This is part of IKEA’s plans for a major expansion drive in India. It is evaluating suitable sites in Bengaluru, Mumbai and Delhi-NCR to open 25 stores in India by 2025.

Juvencio Maeztu, CEO of IKEA India, in a statement said: 'Maharashtra is one of the most important market for IKEA. Along with setting up retail stores, we will expand our supplier landscape and push up local sourcing. Each store will employ 500-700 co-workers directly and another 1,500 indirectly, engaged in providing services.'

Maharashtra Principal Secretary (Industry), Apurva Chandra, said: 'IKEA will bring the best business practices, employment opportunities, infrastructure development, and contribute to the growth of the retail sector. The government is committed to providing necessary support to IKEA for its expansion plans in the State.'

HBL