financetom
Retail
financetom
/
Retail
/
IKEA postpones launch of first India store
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
IKEA postpones launch of first India store
Jul 13, 2018 8:51 AM

Leading Swedish home furnishings retailer IKEA has postponed the launch of its first India store here to August 9, it was announced on Friday.

The company said that it moved the opening date from July 19 to August 9 as it needed more time to live up to its expected quality commitments towards customers and co-workers.

"Our main priority is to create an inspiring and safe experience for both customers and co-workers. Opening the first Indian IKEA store in Hyderabad means a lot to IKEA and we want to offer the best possible meeting with IKEA for the many Indian customers," said Peter Betzel CEO, IKEA Retail India.

The company officials had earlier said that the store, spread over 13 acres with a built up space of 4,00,000 square feet, will feature over 7,000 IKEA products of which almost 2,000 will be priced below Rs 200.

The store will also have a 1,000-seater restaurant which is IKEA's largest in over 400 stores it has globally.

The store is coming with an investment of Rs 1,000 crore. It will create direct jobs for 800 people -- half of them, the company promises, will be women.

Headquartered in The Netherlands, IKEA designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, and is considered to be the largest furniture retailer in the world.

The company officials said last year that they plan to open 25 stores in India by 2025.

The next store will come up in Mumbai in 2019. This will be bigger than the Hyderabad store with five lakh square feet.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
In Pics | 14 major companies that filed for bankruptcy in 2020
In Pics | 14 major companies that filed for bankruptcy in 2020
Dec 24, 2020
2020 has been a brutal year for businesses, so much so that the volume of bankruptcies this year has surpassed that of 2008. From the travel and hotel space to the energy sector, businesses across industries suffered for months as the COVID-19-induced lockdown put brakes on economic activities across the world. However, retailers selling non-essential goods have been the worst-affected with many of these names emerging among the biggest bankruptcies of 2020. As per S&P Global Market Intelligence, 610 firms have filed for bankruptcies as of December 13, the highest since 2012. Retailers like J.C. Penney, Neiman Marcus, and J.Crew, car rental giant Hertz, mall operator CBL & Associates Properties are some of the names that have been listed in Fortune’s list of ‘14 of the biggest bankruptcies of 2020'. The 14 bankruptcies happen to be from the US as the valuations of liabilities remain higher than those of others. Here’s a look at these companies and their liabilities, as mentioned by Fortune:
China says looking into unfair competition on e-commerce platforms
China says looking into unfair competition on e-commerce platforms
Oct 24, 2020
China's market regulator and other government departments have launched an exercise focused on e-commerce, with plans to crack down on areas such as unfair competition and the illegal trading of counterfeits or wildlife, state news agency Xinhua said.
Black Friday offers beacon of hope to struggling stores
Black Friday offers beacon of hope to struggling stores
Nov 27, 2020
Black Friday is still critical,” said Neil Saunders, managing director of GlobalData Retail. No retailer wants it to be tarnished. It’s still vital to get their consumers spending and get consumers into the holiday mood.”
Deal with Uday Shankar, James Murdoch a big push forward for Viacom18: Prabhudas Lilladher
Deal with Uday Shankar, James Murdoch a big push forward for Viacom18: Prabhudas Lilladher
Jan 27, 2022
Reliance Industries Limited (RIL) is doubling down on the media business with a strong push to both broadcasting as well as digital media by inducting marquee investors and launching big-ticket investments. For this purpose, RIL has roped in Uday Shankar, former Star & Disney India chairman, and James Murdoch, as strategic partners. To decode what this would mean for Viacom18, CNBC-TV18 spoke to Amnish Aggarwal, Head-Research, Prabhudas Lilladher.
Copyright 2023-2025 - www.financetom.com All Rights Reserved