IKEA India is going to invest Rs 2,000 crore to set up its store in Bengaluru. On Thursday, the Swedish furniture store performed the groundbreaking ceremony in Nagasandra, according to Deccan Herald. The foundation stone was laid during the ceremony.
IKEA has said that the Bengaluru showroom, which will be the third showroom in India, will open by 2020. The second one will open in Mumbai next year.
"Bengaluru is a very special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail. We have visited around 1,000 houses in India and will continue to visit houses as we learn from people and understand their needs. We are expecting to reach 200 million people in India in three years and our total commitment to the Indian market is €1.5 billion," Peter Betzel, the IKEA India CEO, said.
Like other outlets, the Bengaluru store will have a food court attached to the furniture store. It will also feature a supervised daycare centre for children.
He also said that IKEA is locally sourcing 20 per cent of its goods and plans on making it at least 50 per cent. This will increase the jobs in India too.
The Bengaluru store will use as much clean energy as possible. It will be powered by solar panels and the transportation of goods will be done using electronic vehicles.
The building which will be 500,000 sq ft. will have a rainwater harvesting system as well as modern waste management system, reports DH.
In August, IKEA had opened its first Indian store in Hyderabad where it had 40,000 customers on its first day.