IKEA has rented 1,00,000 sq ft in Bengaluru, Karnataka, to set up its first store in the city. The store coming up in VR Mall in Whitefield is expected to be operational by 2022. The deal has a lock-in period of 15-20 years.
The firm will be paying rent of Rs 70 per sq ft, excluding common area charges. IKEA will occupy the entire ground floor of VR Mall. The store is currently in the fit-out stage.
The store is planned to be spread around 4,50,000 sq ft and expected to handle more than five million visitors per year.