Future Group to Launch World Market in Bangalore
Published on May 15, 2013, 06:42 PM IST
Future Group, in collaboration with Fung Properties and Bangalore-based real estate developer Sattva Group, is firming up plans to launch the World Market near Bangalore.
Spread on a 10-acre parcel of land, the World Market is being built on the lines of YIWU commodity market in China and Dragon Mart in Dubai. It will have a built-up area of one million sq feet and will house merchandise ranging from fashion accessories to crockery, interior and outdoor decors, hardware, toys, stationery, electronics and leather products.
“Work is on to get both the real estate and the back-end ready soon. The World Market will have 400-500 sq. feet shops which traders can own and run.
The idea is to provide a one-stop distribution channel for all shopkeepers’ needs in a transparent and modern retail set-up unlike the cramped wholesale markets that exist now ,” a source in the direct know of the development said.
The mall will have facilities for warehousing, storage, packaging and courier services, loading and dispatch infrastructure, banks, food and beverage outlets as well as hotels, among others.
Future Group will be leveraging Hong Kong-based Li & Fung’s sourcing capabilities for procuring merchandises. Incidentally, Li & Fung holds a 26 per cent stake in Future Group’s logistics business Future Supply Chain.
The Sattva Group had bought the land parcel from owners of BPL. The land earlier housed the BPL factory.
The cash and carry retail business, where 100 per cent foreign direct investment is allowed, has global retail behemoths such as Walmart, Carrefour and Metro operating a couple of stores in India.
Cash and carry or B2B business sells only to small businessmen or institutional clients such as hotels and hospitals.
The project is likely to come up on Old Madras Road - Budigere stretch.
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