IKEA to Develop Shopping Centres in India

Swedish furniture retailer IKEA is interested in developing its Ingka Centres in India as part of its global expansion stargety. Ingka Centres owns 45 shopping centres in China, Europe, and Russia and hosts 480 million visitors each year. These are large shopping centres with IKEA stores as anchor stores. Overseas, some of these centres have over 200 shops including large hypermarkets stores such as Carrefour, apart from fashion brands such as H&M and food stores. IKEA is looking to build its business across multiple formats--opening large and small stores as well as accelerating sales online. In India, the retailer has one store in Hyderabad. It also opened up online sales in Pune ahead of a store in the city. The retailer is set to open a store in Navi Mumbai; two small format stores in Mumbai will open in 2021. Ingka Group, the parent company of IKEA has three business including are IKEA Retail, which operates 367 IKEA stores. Ingka Investments, whose main mission is to protect the financial independence of the group, and Ingka Centres.