IKEA's first mall in India to come up in Gurugram, construction to begin in 2022
While the construction will begin in early 2022, the new gathering place is projected to produce more than 2,500 employment and contribute to the continued expansion of organised retail in India, according to a statement from the firm.
IKEA's malls division, one of the world's largest, announced on Tuesday that it has purchased a land in Gurugram, near New Delhi, for a retail centre that will be the company's first in India. Ingka Centres has 47 malls anchored by IKEA shops across Europe, Russia, and China, with aspirations to expand into North America and India. The projected cost for the project was over €400 million ($450 million). While the construction will begin in early 2022, the new gathering place is projected to produce more than 2,500 employment and contribute to the continued expansion of organised retail in India, according to a statement from the firm.
The gathering place, which caters to the rising population of Gurgaon and the Delhi National Capital Region and is developed around the demands of the local community, is planned to welcome more than 20 million people yearly who will come to buy, work, dine, exercise, study, and socialise. According to Managing Director Cindy Andersen, the business expects to finish the centre, which will include an IKEA store and office space, in late 2025.
Ingka Centres said in February that it had purchased land on the outskirts of Delhi and intended to invest about 55 billion rupees in its first retail centre in India. Still, they stated on Tuesday that the one in Gurugram will open first. In an interview, Andersen stated that the Noida store would hopefully open soon after Gurugram. Ingka Centres, like the furniture giant IKEA, is looking for sites in big cities across several markets. In India, however, Andersen stated that Ingka Centres will now concentrate on the two Delhi projects for the time being.
In 2018, IKEA established its first shop in India, in Hyderabad. Ingka Centres is part of the Ingka Group, which also controls the majority of IKEA shops globally.