INTERNATIONAL WORKSHOP ON MALL MANAGEMENT

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4 Shopping Mall Management In India: An Urgent Need To Fill A Vacuum- By Tong Kok Wing Shopping mall development in India is a very recent real estate activity. Mall management must naturally follow through to ensure that a development is marketed and managed to optimise returns for its owner. Unlike a residential development, such as a condominium or an apartment block, a mall that is developed, even if it is sold on strata title, will have the shop spaces occupied by retailers who in turn must be able to cater to the needs and wants of shoppers. Thus, a mall development is a multi-faceted and more complex business proposition compared to other types of real estate developments. As mall development has its roots in the U.S., it would seem a good place to turn to for guidance and management expertise. Unfortunately this is not the case. In the U.S., malls are often single or double-storeyed with huge surface car park surrounding the mall because of the easy availability of land, the population demographics and life-style. The theory and practice of mall management there are also largely irrelevant and inappropriate for Asian malls. In India, like in many parts of Asia, land is scarce and expensive. Thus, mall development by necessity must be multi-storey with car parks in the basements or on the upper storeys to make it more feasible and viable. Also the Indian population demographics, shopping habits and preferences are more akin to those in Asian cities like Singapore and Hong Kong than the U.S. Europe is also not a suitable model for Indian mall developments. India is experiencing a “mall explosion” with a few hundred malls being developed simultaneously and due for completion around 2010. While it can be assumed that the “hardware” for mall construction is available in India, there seems to be a very grave shortage in the “software” of mall development, marketing and management expertise. One may try to turn to Singapore and Hong Kong to source such expertise. But, both Hong Kong and Singapore with their own continued development of malls are facing serious shortages in mall management expertise. This situation is exacerbated since talents with such experience and expertise being attracted to work in China, the Middle East, Malaysia, Indonesia, etc. on very attractive expatriate packages. Finally, unlike in the U.S. and perhaps Australia, in most parts of Asia, courses in mall management, which one can attend to earn a degree or diploma to equip oneself with the necessary knowledge and skills, are not available. In Asia, most of us learn mall management on-the-job. This is certainly not a very satisfactory situation. As we all know, even if one is able to gain the basics of mall management through a degree or diploma programme, as a mall is an evolving phenomenon, it takes years of practical experience before one can profess to have the requisite expertise in mall management to be able to keep abreast of the needs and wants of shoppers and retailers. Mall management has been identified as a critical factor for the success of malls and the retail industry across the world. This is equally true to India, if not more so, given its late start in the business. There is literally a vacuum in this area of expertise. Therefore, it is imperative that India must very quickly have a pool of trained and experienced mall managers ready to ensure that the many new malls that are completed in the coming years will not prematurely go into physical and economic obsolescence due to poor and inexperienced management. One way to address this urgent need is to bring in suitable foreign talent from Singapore and the region to provide the management expertise and initiate a technology transfer through training workshops and on-the-job guidance.
Highlights of the Workshop- DAY 1 Brief History of Shopping Mall Developments Around The World An interesting journey of how the idea of building malls came and its successive development across the world Mall Development: Concepts of Floating Value and Shifting Value Due to limited sites availability and that too at an enormous cost, how to evaluate the site which would actually receive the benefit of development and other factors should be kept in mind while acquiring land. The issue like how public control of the use of land affects land values will be discussed. Strategising the 5Rs crucial for development of a shopping mall Most projects fail due to the fact that all the 5Rs are not taken into before, during and after mall development. Getting & Doing It Right, Opening & Keeping It Right and Getting Right customers In the scenario of ‘mall explosion’ where every developer is getting into creating of retail space, how to do it right, when to do it and how to attract more and right customers and serious buyers. Evaluation of various methods for pricing strategies With regulatory authorities, rising land prices, infrastructure maintenance, environmental laws and other socio-economic factors, how to control costs and maximize revenues. Putting together a winning team While most developers construct the malls, they lease / sell to third party for managing it. It is these mall managers that need to build team of qualified professionals to manage and run the same efficiently. Leases & Leasing: Administration and Compliance Lease Commencement & Opening for Business, Lessee’s and Landlord’s Covenants Design Development Input, Space Planning and Trade-Mix & Related Issues Macro and micro inputs must be taken into account while developing the design and planning the layout. This session will also include market positioning, rental pegging and implementation of Scattered and Clustered concepts
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INTERNATIONAL WORKSHOP ON MALL MANAGEMENT

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