Future Group to launch World Market in Bangalore

Future Group, together with joint venture partner

Fung Capital of Hong Kong, is all set to open its first cash and carry store in India in September. Future Group, along with Fung Properties and Bangalore-based real estate developer Sattva Group, are launching World Market near Bangalore. The store will be called World Market and is intended to replicate Dragon Mart of Dubai and Yiwu of China. The cash and carry store in Bangalore will be about 1 million square foot.

“Work is on to get both the real estate and the back-end ready soon. The World Market will have 400-500 square feet shops which traders can own and run," said a source with direct knowledge of the development. "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." Future Group will be leveraging Hong Kong-based Li & Fung’s sourcing capabilities for procuring merchandises. Incidentally, Li & Fung holds a 26 percent stake in Future Group’s logistics business Future Supply Chain.

Fung Capital, the private equity investment arm of the families of Victor and William Fung, owns 26 percent stake in the joint venture, with Biyani holding the remaining stake.