Mon, Jul 09, 2012 - Page 15 News List

Hitch in IKEA’s plans to conquer India

SOURCE OF CONFLICT:The Indian government welcomed the furniture company’s interest, but insisted it source materials from small businesses to protect local industry

AFP, NEW DELHI

“It will be good for IKEA to have such a large market. Even with the economy slowing, the retail market has a strong future,” Nangia said.

Technopak estimates the retail market is generating sales of US$470 billion a year — of which only US$27 billion comes from “organized retail” or chain stores.

Retail sales are seen hitting US$675 billion over the next five years — out of which US$85 billion will come from chain stores.

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