Ikea enters Pune; leases 37,000 sq ft store in Phoenix Marketcity mall

Mumbai: Swedish furniture retailer Ikea is set to enter the Pune market and has signed an agreement to lease 37,000 sq ft space in a mall.

Ikea India Private Limited has leased a 37,529 sq ft plot area in the Phoenix Marketcity mall in Lohegaon's Viman Nagar, as per documents accessed by real estate data analytics firm CRE Matrix.

The Swedish company, which entered India through a store in Hyderabad in 2018, has leased the Pune property from Vamona Developers.

The lease is for 59 months, and Ikea has committed to pay a monthly rent of Rs 38 lakh initially, which will get enhanced to Rs 42.70 lakh from the fourth year of the lease, as per the deed.

The space is on the ground floor of the mall, which is run by Phoenix Mills.

This will mark Ikea's entry into the Pune market, which hosts a slew of information technology companies and global capability centres.

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; and one Plan and Order Point in Bengaluru.