The Ingka Group, parent company of Swedish furniture retailer Ikea, is set to invest Rs 5,500 crore to open a multi-functional space in Noida by 2028.
Christened as Lykli, the distinctive concept integrates retail, dining, entertainment, co-working spaces and cultural experiences tailored to the needs of modern urban residents. Anchored by an Ikea store, the project will be spread across 47,833 square meters, making it one of the largest retail projects in the National Capital Region, the company said in a statement on Monday.
Lykli Noida is expected to create 9,000 job opportunities. It is also expected to draw more than 25 million visitors, according to the company.
"We envision Lykli as a vibrant hub that will meet the needs of Noida's growing population where people can shop, eat, sleep, live, and play and set a new benchmark for future urban developments in India," Sebastian Hylving, global expansion and development director at Ingka Centre, said.
This project marks Ingka's second venture of its kind. The maiden Lykli project in Gurugram, also anchored by an Ikea store, is set to open in 2025.
Lykli Noida will add to Ingka Centres' portfolio of 35 existing meeting places worldwide. This meeting place concept differs from conventional malls by providing a sustainable, mixed-use destination that fosters community engagement for various purposes, all anchored by an Ikea store.
The Ingka Group serves as a strategic partner within the Ikea franchise system, operating 378 stores across 30 countries.
The move aligns with Ingka Group's long-term expansion plans in India. Noida is chosen as it is seen as a new retail-led destination matching the lifestyles of the fast-growing population across the NCR.
Ikea made its debut in India in 2018 with the opening of its first large-format retail store in Hyderabad. The retailer currently operates online in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru, alongside three large stores in Hyderabad, Navi Mumbai, and Bengaluru, and a smaller store in Mumbai.
Over the past decade, Ikea has invested Rs 10,500 crore in the Indian retail market. In financial year 2023, Ikea India reported a 61% increase in sales to Rs 1,768 crore, although the furniture retailer faced a loss of Rs 1,134 crore during the same period, according to its regulatory filings.
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