Published: Sat, October 13, 2018
Money | By Ralph Mccoy

Hej Bengaluru! Gear Up Because IKEA Is Coming!

Hej Bengaluru! Gear Up Because IKEA Is Coming!

This year alone, the company rose 1.3 per cent to 38.8 billion euros ($44.5 billion) from 38.3 billion euros a year earlier, the company said in a statement on Thursday. The website gets more than 2 billion visitors each year.

Ikea will open 15 new stores across Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, Macau and the Philippines in FY19.

But Quiñones, who started working part-time for Ikea in 1997 when he was a student, insisted the new focus on small high street stores did not mean the Ikea model was broken.

The store, besides offering a wide range of home furnishing solutions, will also have a 1,000 seater restaurant serving Swedish and Indian delicacies.

After spending decades battling planners to build 35,000 sq metre sheds on the outskirts of cities - Ikea has opened 21 of them over three decades - the change of tack by the world's largest furniture retailer is a dramatic one.

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In 2008, the Environment Court ruled that the company could not be a tenant in the Auckland suburb of Mt Wellington's retail development, Redwoods, because of concerns its popularity would cause traffic chaos.

The company will in the coming years open stores in Chile, Colombia and Peru through a new Ikea franchisee called Falabella. "We know 50% of people do not have a auto today which makes the accessibility of some of our units not extremely easy". "Such a move could be part of their worldwide expansion strategy but would not result in a "typical" Ikea presence as seen in other countries".

Swedish furniture major IKEA is set to foray in India by opening its first store at Hyderabad on August 9.

IKEA banks on the concept of "something for everyone", with CEO of IKEA India Peter Betzel revealing that the IKEA store in Hyderabad has 1,000 products for under 200 bucks (definitely not a pocket-burner). The company is also exploring selling its products on external online marketplaces and Loof said he hopes to introduce a collaboration with a digital shopping platform in the coming year. Brodin has signed off on a raft of store experiments as well as the purchase of gig economy odd-jobs company TaskRabbit.

"We're very excited to open in South America", Loof said.

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