Future Group has announced that they are working on a new and unique model for malls at ISCF 2011. Sunil Biyani, director, Future Group, while speaking at the session on 'Way Forward for Shopping Centres in India' at India Shopping Centre Forum 2011, said, “We are working on a model for shopping centres which will be profitable to all involved parties – land owners, mall owners, developers and retailers. After a period, may be 10 years, the land owner will get back the land to further innovate, renovate or redevelop. We are in the conceptualisation phase and will be testing the concept in the next 12 to 15 months in three cities - Mumbai, Hyderabad and Kolkata. The size of the malls will range between 2,50,000 sq.ft and 4,50,000 sq.ft. Our aim is to reduce operational costs and make it profitable.”
“Upon the success of the concept, the model will be further implemented in other cities. We will try to limit the common area maintenance costs to Rs.7 sq.ft,” he further added.
Also at the occasion, the latest edition of ‘Malls of India’ was unveiled in the presence of Rama Bijapurkar, strategic marketing consultant, Sunil Biyani, director, Future Group, Kishore Bhatija, MD, Inorbit, Anuj Puri, chairman & country head, JLL (India), and S Raghunandhan, chairman, SCAI & CEO Retail, Prestige Group.
The report suggests an estimated 200 malls will be added to the existing 200 plus shopping centers currently operational across the country by 2014. This will add another 150 plus million square feet of build up area and will achieve the total estimated GLA (gross leasable area) of more than 140 million square feet by the same year.
In another news, Percept, an entertainment, media and communications company, has signed a 50:50 joint venture with Future Group to launch Bollywood Retail.
Bollywood Retail will focus on providing the Bollywood experience and Bollywood merchandising within the Future Group’s retail network. The joint venture will independently source Bollywood intellectual property rights (IPR) and software from Percept’s Bollywood Corporation and use retail infrastructure from Future Group.
In the first phase, with an investment of Rs 50 crore, the Bollywood Retail concept will be operational at about ten destinations including Hyderabad, Ahmedabad, Kolkata, Bengaluru, Indore, Jaipur, Pune, Delhi and Mumbai.
In an issued statement, Future Group CEO Kishore Biyani said: “Bollywood is one of the biggest entertainment phenomena that rules India. Through this partnership with Percept, we hope to bring a unique touch and feel of the Bollywood experience to the consumer.”