There was traffic jam situation in front of the huge 4 lakh sft store located in the heart of HITEC City, the hub of information technology. Our surveys into some 1,000 Indian homes, he said, revealed that many people live out of small spaces and would like increased functionality and multifunctionality with clever storage spaces.
The IKEA store in Hyderabad will offer ideas, inspiration and solutions.
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From living rooms to dining rooms, children's rooms to workspaces, kitchen and bedrooms to bathrooms, the display rooms offer ideas, inspiration and solutions for the entire home in a setting, perhaps not seen before in India.
Construction continues at IKEA Live Oak, the company says.
IKEA has also opened a restaurant which serves "Swe-desi" (Swedish food with Indian touch) cuisine to its customers. The food will be very affordable, for example a plate of samosas will cost Rs 10. It estimates to reach 200 million people in the next three years. The company has employed 950 people directly and another 1,500 indirectly at its store here, now plans to hire 15,000 in the coming years as it expands operations in India.
It has invested Rs 1,000 crore on the Hyderabad store alone, which would have a range of around 7,500 products.
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IKEA has also chose to look into e-commerce business in India by next year as the company says that in India it would increase investments as it looks unproblematic and faster than any part of the world. Around the time when Foreign Direct Investment (FDI) rules were eased in India, IKEA had shown interest in entering the Indian market.
IKEA is ready to let those rupees roll in.
It has already acquired land at Navi Mumbai, Gurugram and Bengaluru and has begun work on the Mumbai property, which is expected to be ready by summer of 2019.
In terms of the kind of customers visiting the store, Smeberg informed that they are mostly seeing families of four and also a lot of older crowd is also taking a tour of the store.
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