Ikea products would now be cheaper in India

• ‘The lower the prices we achieve, the more we will sell,’ Ikea India’s Per Hornell said.
• The company is planning to open stores in Delhi NCR and Bengaluru over the next few years.
• Ikea wants to attract 200 million customers in India over the next few years.

Sweden-based furniture retailer Ikea, which opened its first store in Hyderabad in 2019, plans to go big in India with reduced prices and new stores in metro cities. Per Hornell, market and expansion manager of Ikea India, said that the company is looking at revising its pricing for some of its products even further to attract more customers.

“We must find ways to always make sure that the price becomes as low as possible. The lower the prices we achieve, the more we will sell. We are working intensively with making sure that the furniture part becomes even more affordable,” he added in an interview with The Economic Times.

For starters, Ikea will see a 20% price reduction for nearly four dozen products. Mumbai, Delhi-National Capital Region (NCR) and Bengaluru are among its top priorities and the company will open Ikea stores of different formats in each city in the next few years, Hornell added.

Ikea, on Tuesday (August 24), announced the location of a new store in Kamala Mills in Mumbai. This store will be the third physical store that IKEA has opened in India.

The store will be a much smaller store (around 80,000 square feet) compared to Ikea’s large format store (400,000 to 500,000 square feet) in Navi Mumbai opened in 2020.

Globally, Ikea plans to open 50 new smaller format stores in top cities.

Ikea’s physical stores in India

Ikea, in a press note on Tuesday, mentioned that it wants to attract 200 million customers in India over the next few years. The company plans to take an omnichannel approach to accomplish this goal, under which it will sell to customers through both online and offline medium.

The company already has e-commerce presence in Mumbai, Pune, Hyderabad, Ahmedabad, Surat, Vadodara and Bengaluru.

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