Fishers Approves IKEA Incentives
The store will cover 289
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Fishers City Council has approved incentives for a planned $40 million IKEA store. The economic development agreement waives $1.6 million in development fees and requires the city to complete three road projects.
The council approved the incentives unanimously, with one member absent. The project will span 35 acres near I-69 and 116th Street. The Swedish furniture retailer plans to open the store in 2017 and employ about 250. During Monday’s meeting, some residents expressed concern about the traffic the new store could cause. Mayor Scott Fadness says the city is addressing those issues, and believes projects to alleviate traffic will be complete by the time the store opens.
There are currently 370 IKEA stores in 48 countries, including 41 in the United States. Currently, the closest IKEA stores are in the Cincinnati and Chicago suburbs. Purdue University professor of consumer sciences and retailing Richard Feinberg says a typical IKEA location generates about $90 million in revenue each year and attracts customers from a 200-mile radius.
Fadness joined Inside INdiana Business Television last weekend, and said the IKEA development is "not a large retail play for us." He says it’s part of a larger, ongoing strategy to be a "smart, vibrant, entrepreneurial city."