Swedish furnisher retailer IKEA officially opened the doors of its first India store in Hyderabad on August 9, 2018. It saw a remarkable number of purchasers on the very first day ie 40,000 purchasers. At the same pace, this Swedish brand experienced sale worth 2.5 cr in the initial two days.
IKEA Hyderabad is spread over 4 lakh square feet area with a range of 7,500 products. Out of the 7,500 products, 20% are sourced while 1,000 are made in India. Interestingly, it has more than 1,000 products under the price of INR 200. It also has IKEA’s largest global 1,000-seater restaurant. It has 50% Swedish and 50% Indian local delicacies and the pricing starts as low as Rs 10 for a plate of Samosa. The store has 1,200 parking lots for private cars and 700 for private two-wheelers.
Out of all the metropolitan cities like Delhi/Mumbai/Bangalore, the reason the store opened in Hyderabad is Pradeep Chandra. He was the Principal Secretary at that time and convinced the CEO to open the store in Hyderabad. At the time of the opening of the store, Mr Chandra said “We came across a newspaper report that IKEA had plans to set up its stores in Delhi, Mumbai and Bangalore. I then sent a mail personally to Jesper Brodin, CEO of IKEA,”.