In view of steadily rising material and land prices in India, the Future Group, which owns the Big Bazaar chain of retail stores, is contemplating an innovative and unique model of mall development that will help both the retailer and the developer boost its bottom line growth, a top official of the Group said.
The Future Group has already worked out on a format and will start developing malls over the next 3-4 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 3-4 months. We are in talks with 2-3 developers for malls in 3-4 cities," said Sunil Biyani, Future group's director, on the sidelines of India Shopping Centre Forum here.
Biyani, however, refused to divulge the financial details and names of the developers.
"Mall is a long-term project and hence we should have a model that reaps benefits for a longer period. The malls should be cost-effective, safe and at the same time, it should have the look of a high-street malls. Our aim is to reduce operational costs and make it profitable," said Biyani.
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 100% lease model.