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IKEA Expands Urban Reach: Leases 37,000 sq ft for First Pune Store at Phoenix Marketcity.                                                                                                                                 

Swedish home furnishings giant IKEA India has leased 37,259 sq ft of retail space at Phoenix Marketcity Mall, Pune, marking its first physical store in the city. The lease, valued at ₹23.54 crore for 4 years and 11 months, was signed with Vamona Developers Pvt. Ltd. on October 15, 2025. Monthly rent will begin at ₹38.11 lakh in February 2026, after a fit-out period, and rise to ₹42.69 lakh later. IKEA will also pay ₹27.45–28.34 lakh per month in maintenance and a ₹2.28 crore security deposit. The Pune store follows the brand’s successful e-commerce launch in the city in 2020, reflecting strong local demand for affordable, well-designed home solutions. With this expansion, IKEA strengthens its omnichannel presence, blending online convenience with in-store experience. Despite FY24 losses of ₹1,299.4 crore, IKEA India’s revenue rose 4.5% to ₹2,180.98 crore, underlining steady growth momentum.