Ikea to open first Pune store with 37,000 sq ft space in Phoenix Marketcity

Swedish furniture retailer Ikea is set to enter the Pune market with a new store at Phoenix Marketcity Mall in Viman Nagar.

According to documents accessed by real estate data analytics firm CRE Matrix, Ikea India Private Limited has leased 37,529 sq ft of space on the ground floor of the mall, which is managed by Phoenix Mills.

The property has been leased from Vamona Developers for 59 months.

Under the agreement, Ikea will pay a monthly rent of Rs 38 lakh initially, which will increase to Rs 42.70 lakh from the fourth year of the lease.

This will be Ikea’s first store in Pune, a city known for its growing base of information technology companies and global capability centres.

Ikea entered the Indian market in 2018 with its first store in Hyderabad and has since expanded to Navi Mumbai, Bengaluru, Indore and Kolkata.

The company operates in multiple formats, including large warehouse-style outlets and smaller city stores such as the one in Mumbai’s Worli.

(With inputs from agencies)