A highly anticipated debut with an extremely high price point

IKEA is pouring 407-million dollars into setting up its New Zealand retail business.

The money will go towards buying land at Sylvia Park, developing the site and fitting out the store - as well as recruiting about 400 workers.

First Retail Group managing director Chris Wilkinson says big international retailers usually take smaller steps into the New Zealand market.

He says in this case IKEA's invested in things like forestry, elsewhere in the country.