Real estate player Entertainment World Developers Pvt Ltd (EWDPL) on Thursday said it will offer 10 lakh square feet of retail space to 20 malls across India under rent-free revenue sharing agreement to ’emerging brands’.
The company hopes to have a sale of up to Rs 600 crore from the concept of ‘Treasure Showcase’ and has tied up with marketing and franchise solutions company Franchise India Holdings to select the brands which will be offered space in the malls.
“The concept is modelled on the system of mall-in-mall. We will offer seamless space of ten lakh square feet in 20 malls, to non-mall brands to offer and sell their merchandise, free of rent and any maintenance charge,” EWDPL chairman and MD Manish Kalani said.
He said among 20 malls to be covered under the concept, three are already operational, while 17 are under construction and will be completed by 2011.
“Of the total, 13 malls are from our company, while four belong to Phoenix Malls and rest three to Big Apple. In those malls, we have brought space for implementing rent-free revenue sharing concept,” Kalani said.
“We are hopeful of achieving sales to the tune of Rs 600 crore annually once the concept is in place across all 20 malls,” he added.
Source: Hindu Business Line