Swedish furniture chain Ikea will open its first store in India next year and is looking for additional sites.
The company received government approval in 2013 to open stores there and plans to have as many as 25 locations in nine Indian cities by 2025, according to The Economic Times.
The store will open in Hyderabad and be consistent with Ikea's massive locations, complete with dining and a children's play area. Product assortment will be tailored to the market.
Ikea plans to grow quickly in India, more quickly even than in China, according to the report. After Hyderabad, new stores are planned for Delhi, Mumbai and Bangalore, with more than one location in each market.
"In India I want us to be there earlier, within five years, we should have capability to open three stores a year to hit the 25 (stores)," said Mikael Palmquist, president, Ikea Asia Pacific.
Ikea has been developing concepts specific to new international markets. Last year it launched a new 2,500-sq.-ft. micro location in the United Arab Emirates meant to complement its larger stores nearby.
-See this Economic Times article
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