Swedish global home furnishing firm Ikea has acquired 14 acres of land in Bengaluru to set up its third store in India, spread over an area of 4.5 lakh square feet. The first Ikea store is expected to open early next year in Hyderabad and the second one in Mumbai.
The company said that Karnataka is a highly strategic and important market for it. Along with retail stores, Ikea’s purchasing team will also encourage local sourcing and engage with local artisans and communities in many projects. The planned store in Bengaluru is expected to have more than 5 million visitors per year.