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Swedish furniture giant Ikea is preparing to make its debut in the Pune market with a lease agreement for over 37,000 sq ft of space at Phoenix Marketcity mall in Lohegaon's Viman Nagar area. The company, which entered India in 2018, has finalised a 59-month lease with Vamona Developers. The store will mark Ikea's expansion into another major urban market. IKEA is currently present in India with 3 large-format stores in Hyderabad, Navi Mumbai, and Bengaluru; two city stores in Worli and West Delhi; one Plan and Order Point in Bengaluru.
IKEA India Private Limited, the Indian arm of the Swedish furniture retailer, has signed a lease for a 37,529 sq ft unit within the Phoenix Marketcity mall located in Lohegaon's Viman Nagar, Pune. The agreement, accessed through real estate analytics firm CRE Matrix, outlines that Ikea has leased the property from Vamona Developers for a period of 59 months. Advertisement
According to the lease deed, Ikea has agreed to pay a monthly rent of INR 38 lakh initially, which will increase to INR 42.70 lakh from the fourth year of the tenancy. The leased space is situated on the ground floor of the mall, which is operated by Phoenix Mills.
The upcoming store will mark Ikea's first foray into the Pune market, a key urban hub that houses numerous information technology firms and global capability centres. The retailer, which opened its first Indian store in Hyderabad in 2018, continues to expand its footprint across the country. It currently operates large-format outlets in Navi Mumbai, Bengaluru, Indore and Kolkata, along with a smaller concept store in Mumbai's Worli area.
IKEA's entry into Pune underlines its continued expansion strategy in India's growing retail landscape. The brand's decision to lease space in one of the city's most prominent malls highlights its focus on high-footfall locations and metropolitan markets. With this move, Ikea aims to strengthen its offline presence and reach new customers, complementing its established operations in other major Indian cities.
Source - PTI
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