Ikea to open first Pune store at Phoenix Marketcity Mall

Pune: Swedish furniture giant Ikea is set to open its first store in Pune, having leased 37,000 sq ft of retail space at Phoenix Marketcity Mall in Viman Nagar’s Lohegaon area.

According to documents accessed by real estate data platform CRE Matrix, Ikea India Pvt Ltd has signed a 59-month lease with Vamona Developers, the mall’s owner. The deal covers 37,529 sq ft of space, with an initial monthly rent of Rs 38 lakh, which will rise to Rs 42.7 lakh from the fourth year onwards.

The new outlet will be located on the ground floor of Phoenix Marketcity, one of Pune’s most popular shopping destinations. This marks Ikea’s official entry into the Pune market, expanding its retail footprint in western India.

Ikea made its India debut in 2018 with a flagship store in Hyderabad and has since expanded to Navi Mumbai, Bengaluru, Indore and Kolkata. The company operates both large-format suburban stores and smaller city outlets, such as its location in Mumbai’s Worli.

Retail industry experts said Ikea’s Pune store will cater to the city’s growing population of young professionals and families, who are increasingly looking for affordable and modern home furnishings.

The Pune store is expected to strengthen Ikea’s presence in the western region and boost its reach among urban consumers seeking convenient, design-led home solutions.

(with agency inputs)