any also stated technology has helped businesses in India avoid steep losses during the peak of the pandemic. “Ingka Centres’ move to India is part of a global vision to expand into new markets with Ikea-anchored destinations that deliver a powerful retail attraction and new experiences to reflect the needs of local communities,” an Ingka Group spokesperson told Inside Retail. “Noida has been chosen as the perfect location for the new retail-led destination as it will match the lifestyles of the fast-growing population across India’s national capital region.” The new Ikea-anchored mall, which is expected to be completed in 2025, has a total land area of 47,833sqm and the total volume of investment into the project is around US$729 million. The Noida property marks the launch of Ikea’s ‘Meeting Place’ concept in India. This concept involves working with local communities, as well as tenants and partners, to ensure Ikea malls resonate with customers on an emotional level, adding value and building social connections, in addition to being places to shop.  “With 1.32 billion consumers, the Indian market offers a tremendous opportunity for us and for our partners to offer customers in India our Meeting Place concept,” the spokesperson said, adding that currently, plans are still in development and they still don’t have information when construction will start. The announcement of the opening of the new mall came close on the heels of the opening of a 46,452sqm Ikea store in Mumbai in December last year, bringing Ikea’s total store count in India to two. India’s first Ikea store, which opened in 2018, is located in Hyderabad.  “The Covid-19 pandemic did not deter Ikea from pursuing its large-format offline retail expansion plans in India,” Aurojyoti Bose, lead analyst at GlobalData, said about the 2020 Mumbai store opening. “The move forms part of the retailer’s ambitious plans to open more than 40 retail outlets across the country by 2030,” Bose said. Ikea expands digital presence in India According to Bose, Ikea sees India as an important market and is leveraging its omnichannel retailing strategy, ranging from online stores to small and large-format offline stores, to expand its customer reach. “Along with physical stores, its online presence has also become critical with some customers preferring contactless and safe shopping,” he said. “The Swedish furniture retailer already has an online presence in cities such as Hyderabad and Pune and is now aiming to foray into more cities with the omnichannel approach.” Ikea mentioned it is investing in its digital presence in the country to reach 100 million Indian customers by 2022. The GlobalData lead analyst added Ikea’s December Mumbai store launch could also be the company’s step forward in making the city the first Indian market to fully adopt Ikea’s hybrid business. “Ikea plans to launch two small-format stores in 2021. Such a hybrid model, if it succeeds, could pave the way for such experiments in other cities across the country.” In the 2019-20 financial year, Ikea India saw a 64.68 per cent growth in net sales to R566 crore (US$78.2 million) from R343.7 crore ($47.5 million) the previous year. The company saw a 63.18 per cent increase in total revenue for the year to R665.6 crore ($92.0 million) from the previous year’s R407.9 crore ($56.3 million). Prior to opening its first store in India in 2018, Ikea has been sourcing from India for more than 35 years with close to 50 suppliers, 45,000 direct employees and 400,000 people in the extended supply chain in India producing for Ikea stores worldwide. Ikea has also been working with Indian social entrepreneurs and engaging with more than 1500 women artisans to produce unique limited-edition products for its global stores. “India is an exciting and dynamic market,” said Cindy Andersen, Ingka Centres managing director. “We want to build emotional connections with them by bringing as much value as we possibly can to their lives and communities.”