Observing the retail boom in India, which is now a $300-billion industry, top realtors and local retail chains are developing malls to sell premium branded goods at 30 to 40 percent cheaper rate than the maximum retail price (MRP).
Within next two years around 50 discount malls are anticipated to come up in the middle or high streets.
Royal Palms, one of the largest discount malls is developing one in the western suburbs of Mumbai with an investment of Rs80 crores. In an area about 2 acres in Goregaon, the Orchard Road Mall will display branded outlets like FCUK, Welspun, Provogue, Calvin Klein, Louis Philip, Adidas, Nike, Kouton and many more.
Another city developer, Akruti Nirman, has decided to brand its upcoming discount malls as 'Cityworld', in Kanjurmag, Ghatkopar, Mumbai and Thane. It also plans to develop discount malls in class II and III cities.
Good news for the retail sector - Federation of Indian Chambers of Commerce and Industry (FICCI) has sought industry status and liberalization of foreign direct investment for the retail sector.
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