Ikea to Open First Pune Store, Leases 37,000 sq. ft Space in Viman Nagar
Pune, 25th October 2025: Swedish furniture and home décor giant Ikea India Pvt. Ltd. is set to open its first store in Pune after leasing around 37,259 sq. ft. of retail space at Phoenix Marketcity Mall, Viman Nagar. The agreement, registered on October 15, is for a five-year term with a monthly rent of approximately ₹38 lakh, according to data from real estate analytics firm CRE Matrix.
The Pune store will follow Ikea’s compact city-store format, part of its larger omnichannel expansion strategy in India. The company has been scaling up its presence in metro cities with smaller stores that offer curated selections alongside online shopping options. In August, Ikea launched a 15,000 sq. ft outlet at Pacific Mall, Tagore Garden, in New Delhi, and similar projects are in the pipeline for Chennai and Pune.
Ikea, operated in India by the Ingka Group, first entered the country’s retail market in 2013 under the foreign direct investment (FDI) policy for single-brand retail. It currently runs large-format stores in Hyderabad, Navi Mumbai, and Bengaluru, in addition to smaller urban stores in other major cities. The brand also caters to customers through its online platform, delivering across Pune and other parts of Maharashtra, Telangana, Andhra Pradesh, and Gujarat.
Abhishek Kiran Gupta, CEO and Co-founder of CRE Matrix, said the new lease underlines Pune’s growing importance in India’s retail landscape. “This deal highlights the continued confidence of global brands in India’s consumption story. Pune’s rapid urbanisation and high purchasing power make it a strategic location for international retailers like Ikea,” he remarked.
An Ikea official said the company views Pune as a high-potential market with a strong and growing customer base. “Since launching our e-commerce operations in Pune in 2020, we have seen strong demand for our products. Many Pune customers have already visited our Navi Mumbai store, and we are now thrilled to offer a complete Ikea experience within the city through our new store”, added the official.
The Ingka Group is also developing large-scale shopping destinations in Noida and Gurugram, anchored by Ikea stores, as part of its India expansion blueprint. The company plans to open three additional compact stores in the coming months, including a second city store in Delhi, shifting its focus toward smaller, easily accessible retail spaces in urban centres.
