Prestige to set up more 'Forum' malls

Prestige to set up more 'Forum' malls

It is also constructing another Forum mall in Bangalore and one in Chennai, which will come up in early 2012. Speaking to Deccan Herald, Prestige Group CEO (Retail) S Raghunandhan said that the Forum concept is at the core of Prestige Retail’s business and the company is constantly aiming at expansions and improvements. Raghunandhan also explained about the unique value proposition that Prestige has conceptualised by establishing shopping centres positioned as “Value Malls” in a bid to provide greater value-for-money shopping to consumers.

Presently, the company has a single Forum Value Mall at Whitefield in the city, set up in 2009, under a joint venture between Prestige Group and Singapore-based CapitaL and Retail Limited.

The value concept offers premium outlet shopping, with more emphasis on greater value for money. Like any other conventional mall, it offers big brands, food courts and a multiplex, but all these offer products and services at a more moderate rate to consumers.

Terming it as a community shopping experience, Raghunandhan said, “Whitefield was chosen for the mall considering its proximity to the IT hub, prevalance of exclusive gated communities and a sizeable expat community residing there, along with favourable cost of real estate.”

He added that the mall has more than 100 brands’ outlets, with a large number of them being factory outlets too. According to him though the mall concept in india is at a nascent stage, organised retailing will eventually grow.