IKEA plans to open new stores in Indian cities like Pune and Chennai. Credit: mrapplegate/ Flickr (Creative Commons).

Sweden-based furniture retailer IKEA is examining omnichannel expansion in India as part of its next growth phase in the market, according to a report by PTI.

According to the news agency, IKEA India CEO Susanne Pulverer said that the company is looking to add more stores and new locations, such as Pune and Chennai, to its network.

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Pulverer told PTI: “Our next growth phase in India looks very promising and full of opportunities. IKEA is committed to India and here for the long term. We are looking at an omnichannel expansion in India with diverse retail formats to come closer to the many people in India.”

She added: “We have already booked an investment of Rs105bn ($1.26bn) in building five stores in India, apart from announcing investments in two large shopping centres in Gurugram and Noida with integrated IKEA stores.”

As part of the growth strategy, the furniture maker also plans to launch “diverse retail formats” and increase local sourcing.

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The retailer, who has been sourcing from India for 40 years, believes that the approach will make products more affordable.

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By collaborating with around 65 suppliers in India, the retailer is producing for IKEA stores worldwide.

The retailer also seeks to strengthen its workforce from 3,000 to 10,000 in the coming years.

It will roll out its online operations in Delhi-NCR by the end of 2024.

In the first phase of growth, IKEA opened stores in Hyderabad, Mumbai and Bengaluru.

The retailer also currently has an online presence in cities such as Ahmedabad, Vadodara, Surat and Pune.