India, Sept. 28 -- Phoenix Mills may look like a regular mall landlord, but the way it makes money from retailers is anything but regular. Behind the crowded stores, premium brands and rising shopper traffic sits a business model that gives the company more than one way to earn from the same tenant.

That is what makes India's mall king interesting. Phoenix is not simply waiting for brands to pay rent every month. Its contracts are structured in a way that changes how much the company can earn depending on how a store performs. On paper, it almost sounds like a "heads I win, tails I still win" setup. The real question is how that model actually works, and whether it is as powerful as it sounds.

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