South Indian city of Chennai is likely to become the fourth location in the country after Hyderabad, Mumbai and Bengaluru to house IKEA stores.
According to media reports, the Sweden-based global home furnishing giant has reportedly initiated talks with the Tamil Nadu Government to finalise the plan of opening stores in Chennai by 2019-20.
The retailer is looking for 8-12 acres of land somewhere near the strategic locations (that will be near to the Metro stations) to set up two stores in the city. These planned stores will reportedly be set up at a cost of Rs. 2,000 crores.
The new stores also have a 1,000-seater restaurant, warehouse and play area. Jobs for around 4,000 people will also be created.
“It will take 12 months for construction and six months for getting various approvals for the establishment of the stores,” reportedly said Juvencio Maeztu, Chief Executive Officer, IKEA India Pvt. Ltd.
The retailer is set to open two stores, one each in Hyderabad and Mumbai, this year. Currently, there are more than 380 IKEA stores in 48 countries, including 43 in the US.
