In this year, Future Group launched World Market
Later this year, Future Group, in collaboration with Fung Properties and Bangalore-based real estate developer Sattva Group, will launch its newest retail format “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 feature 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. 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 modern retail set-up unlike the cramped wholesale markets that exist now. 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.