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Bengaluru: The investment of Swedish furniture manufacturer Ikea in India will exceed his original plan, said a senior executive. "
" We are talking about 1, 2 billion people and our vision of India is that it will be one of the most important markets, I do not know when that will be the case.But we find that the market is growing and that the need for furnishings is also increasing, which is why we have a very optimistic view of the opportunities in the Indian market and it will be one of the most important markets for us. "Peter Betzel, the new chef Indian Ikea elective, said in an interview.
In 2014, Ikea had announced that it was investing was drawing 10,500 crores to create 25 stores in India over a 10-year period. Until now, he has invested around ₹ 800 crore just to set up his first store in Hyderabad. However, the company refused to put a number to the additional investment.
The Indian furniture market has been largely unorganized. However, the organized market, which has grown at a compound annual rate of 10.9% over five years since 2012, recorded sales of 45,470.06 crores in 2017, according to Euromonitor International.
Betzel took over from Juvencio Maeztu in March, at a crucial moment in the trip to India, after spending almost six years studying the Indian market.
The Ikea Hyderabad store, which will open next month, was built in the popular format of blue boxes, which are generally suburban facilities extending over 25,000 square meters or more.
More accessible to customers, Ikea also aims to create small-format stores in Mumbai, Bangalore and Delhi.
Small size units, 1,000 to 1,500 sq. Ft., Could be independent experience centers (Ikea Hej Homes), or stores in shopping centers. Betzel said the company is also studying stores between 6,000 and 10,000 square feet to sell products
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