The first shopping centre by the name Lykli is slated to open at Gurugram in 2025
New Delhi: Ingka Group, the parent company of Ikea, on Wednesday announced that it plans to brand its upcoming shopping centres in the country as Lykli.
Ikea’s sister concern, Ingka Centres, is planning to build a slew of malls in India to tap the growing market for modern retailing in India amid an explosion of global brands heading to India in recent years.
The first Lykli mall is scheduled to open in the New Delhi suburbs of Gurugram in 2025.
Ingka Centres is the commercial real estate arm of Ingka Group, the Swedish giant that runs Ikea furniture chain globally and it will be the newest entrant in the Indian shopping centre industry. Anticipated to surge at an annual growth rate of 29%, the retail sales within the shopping malls of the top eight cities are poised to reach an impressive $39 billion by 2027.
Lykli (which means happy in Swedish), will house dining and entertainment options along with a diverse selection of local and global retail brands. Furthermore, it will also have dedicated spaces for community events, the company said.
Earlier this year, Ingka Centres announced that PVR Ltd. became its first tenant for the mall, which the company terms as a ‘meeting place’. PVR will operate a nine-screen movie multiplex at Lykli.
“Shopping malls have long been perceived as simply places to shop. Ingka Centres´ immersive experiences challenge this outdated concept and transform shopping malls into a destination for many people to recharge, play, build emotional connections and nurture community,” Anna Larsen, Global Marketing Manager for Ingka Centres said.
Last year, Ingka Centres announced its plans to invest $900 million to set up two centres in the Delhi NCR region. The malls were planned at Gurgaon and Noida. While the investment in the Gurugram project is about $433.5 million, that in the Noida project will be $6670 million (Rs 5,500 crore).
Ingka Centre is developing the first Lykli mall a 10-acre land that Ingka Centres acquired in Gurugram for Rs 842 crore in 2018 from Haryana Urban Development Authority.
Multi-storey Ingka Centres generally house an Ikea store as the anchor with other retailers like Zara, H&M, Sephora, Auchan and Carrefour supermarkets among other retailers as tenants. Currently, Ingka Centres have a portfolio of 47 such centres across the world housing 3,000 global brands.
With 50 years of experience in shopping centres, Ingka Centres is a part of the Ingka Group (which also includes Ikea Retail and Ingka Investments). The company hosts and serves 370 million visitors each year at its Ikea anchored meeting places. Ingka Centres creates its meeting places by collaborating with local communities, as well as its tenants and partners, to ensure they are destinations that add value to people, communities and the planet, the release added.
