Ikea Comes to Pune: First Store to Open Soon in a Prominent City Mall
Swedish home furnishings giant Ikea is all set to open its first store in Pune, marking another key step in its India expansion. The company has leased around 37,000 sq ft of space at Phoenix Marketcity Mall in Viman Nagar, Lohegaon, as per documents accessed by real estate data analytics firm CRE Matrix.
According to reports, Ikea India Pvt. Ltd. signed a five-year lease with Vamona Developers, with a starting monthly rent of about ₹38 lakh. The deal was officially registered on October 15, 2025.
Ikea’s Retail Growth in India
Ikea entered the Indian market in 2018 with its first store in Hyderabad. It later opened outlets in Navi Mumbai, Bengaluru, and a smaller city store in New Delhi’s Pacific Mall earlier this year. The Pune store will continue this “city store” model, which focuses on compact spaces in urban areas while strengthening Ikea’s omnichannel retail strategy.
“Ikea’s lease at Phoenix Marketcity, Pune, marks a significant milestone for India’s retail real estate sector. It reinforces the strength of India’s consumption-driven growth and the appeal of top-grade malls for global retailers,” said Abhishek Kiran Gupta, CEO and Co-founder of CRE Matrix.
Why Pune Matters for Ikea
A spokesperson from Ikea India said Pune has always been an important market for the brand, given its growing urban population and strong consumer demand. Ikea had launched its online shopping service in Pune in January 2020, allowing customers to order from its full product range.
The company’s presence in Pune will further enhance its omnichannel experience, combining online convenience with in-store engagement. Many Pune customers have already been visiting Ikea’s Navi Mumbai outlet since its launch.
What’s Next for Ikea India
Ikea is now shifting its focus toward smaller, city-format stores in key urban markets. Apart from Pune, the company plans to open another store in Delhi and three more compact stores across India in the coming months.
Globally, Ikea’s parent company Ingka Group is also developing large Ikea-anchored shopping malls in India, with projects under construction in Noida and Gurugram.
The new Pune outlet is expected to attract strong footfall and become a go-to destination for furniture and home décor enthusiasts in the city.
