Future Group working on unique development model for malls

In view of rising material and land prices in India, Future Group, a leading retail-to-financial services provider is mulling an innovative mall development model that will help both retailer and developer boost bottom line growth, a top official of the group said.

The group has already worked out a format and will start developing malls over the next three-four months, the official said.

“We are working on a model that is economically viable and, at the same time, is retailer-friendly. We will have something concrete on this in the next three-four months. We are in talks with two-three developers for malls in three-four cities,” Future Group Director Sunil Biyani said on the sidelines of the India Shopping Centre Forum here.

Biyani refused to divulge the financial details and names of the developers but added the would provide expertise and innovative ideas.

Biyani said that some of the innovative measures that the upcoming malls will have would be the use of natural and green building materials, energy efficiency and a 100 per cent lease model.

“Right now, we are in the conceptualisation phase and will be testing the concept in the next 3-4 months in three cities such as Mumbai, Hyderabad and Kolkata. The size of the malls will range between 2,50,000-4,00,000 square feet,” he said.

The format, Biyani claims, will benefit all involved parties — land owners, mall owners, developers and retailers.

One of the features of this format is that the land owner or the mall owner would get back his land after 10 years to further innovate, renovate or redevelop.