IKEA plans to revise investment in India

At the Hyderabad IKEA store. All

According to reports, on the first of opening, the worldwide furniture store saw a huge crowd of people visiting the store. About 10,000 customers had visited the store by 4 pm but the crowds swelled later as thousands of office goers headed to the shopping place while returning home from offices.

Brodin said that with Ikea's second attempt at Indian stores the retailer, which has 355 stores across 29 countries, has given Ikea's business model a local twist, to try to attract a large middle class not used to a company expecting its customers to assemble the products themselves.

The company now revised the number of stores to 40 across all formats. As IKEA opened doors of its store serpentine-like traffic jams were seen outside on the main road. The store and the competitive pricing of some of the items is a delight for those looking to do up their homes, with elegantly designed furniture, home decorations items, colourful accessories and knick knacks inviting shoppers to pick them up and take them home. However, Ikea claims it is for everyone, irrespective of size of their wallet.

"We have a total of 1,69,500 members till date, pan India, and approximately 1,45,000 only in Hyderabad", an IKEA spokesperson said, but did not share the total amount billed on day one. The store also stocks at least 500 products that are priced under 100 rupees (US$1.5). We did not know this. The IKEA restaurant will offer 50 per cent Swedish specialities like salmon and chicken and vegetarian meatballs and 50 per cent local delicacies like biryani, samosas, dal makhni in the case of Hyderabad. It plans to recruit 15,000 people in the country in the next few years. 'We conducted over 1,000 home visits to understand the culture and the demands of consumers, and ensure affordability, ' says Ulf Smedberg, country marketing manager, Ikea India, who has spent the past four years in the country. It developed products for local needs including masala boxes, pressure cookers, tawas, idli makers, colourful sheets and mattresses made with coconut fibre centre.

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The man behind IKEA picking Hyderabad for its India foray is Principal Secretary (Industries) at the time, Pradeep Chandra.

There are some 7,500 products.

The 400,000 sq ft. facility, which has come up with an investment of Rs 1,000 crore, houses the largest restaurant for IKEA anywhere, with a seating capacity of 1,000, serving Swedish and Indian dishes.

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