Mall Management

Monday, February 22, 2016

Leasing - strategy for mall Performance

Leasing is not a very simple term as it sounds. Lot of things is taken care when it comes to leasing. Which Brands, which place, local customer taste, market demand, offerings, psychology, decision making criteria, buying behavior, tastes & preferences & motivations or driving force behind purchase decision should be carefully examined & inferred. The consumers of that region are observed over time to have spent more on food than clothing, and then a few good restaurants & fast food corners are a must for the success of that mall.

Success or Failure of Mall mostly depends on leasing. The presence of a strong Anchor store is very important to pull the customer base and act as shield to protect the brands. There must be local/regional brands to target the customers. Consumer behavior including the study of consumer psychology, tastes & preferences are important the factors which can influence their buying behavior in a positive direction.

Friday, January 15, 2016

Classification based on Product & Price Mix

Monday, January 4, 2016

Shoppers

Generally, there are two types of consumers Positioning also refers to the location of the shopping visiting malls – focused and impulse buyers.

An impulse purchase or impulse buying is an unplanned decision to buy a product or service, made just before a purchase. One who tends to make such purchases is referred to as an impulse purchaser or impulse buyer.

Buyers impart a great role in the success of mall bird watching, window shopping is also very important for a mall, it increase the unproductive footfalls but can be wise utilize during events & activation. There are various ways to convert such shoppers to impulse buyers by implementing kiosk format & entertainment zones.

A good location defined in terms of factors time spent by focused buyers in malls is relatively designed in such a way that an anchor tenant at each end and vanilla retailers in the middle.

On average, a shopper will encounter more problems in a mall environment than in an individual retail store. A successful shopping mall must have an appropriate blend of all attributes. There must be a Help desk which is not only for retailers but also act as customer support center. There must be few traits of mall that should be very clear to gain the loyalty & satisfaction of the buyers viz Discovery, Comfort, Navigation & Accessibility. This is in terms of parking, store location, sinage, directions, facilities, locations etc. There must be something new or unique in the mall as its USP.

There are various factors which need to be analyzed to provide best customer service few of them are as follows:

· Type of mall (enclosed or open air)

· Shopper age, gender and employment status

· History of visits to a given mall

· Time spent shopping

· Range of stores

· Mall shopper word-of-mouth

successful mall led by good zoning and tenant-mix, diligent zoning exercise can help retailers attract both types of Promotions and marketing consumers. Activities in mall not only helps attract and retain shoppers by offering food festivals, handicraft exhibitions and celebrity, multiple choices and satisfying multiple needs, increase foot traffic and in turn sales volumes, also facilitates the smooth movement of shoppers and avoiding clusters and bottlenecks.

Shopping Mall

The mall industry is growing or at a great boom, there are various reasons for the same the most important is The Real Estate Market is at high pace. There are various developers in the market who work for mall construction.

The mall was originally conceived of as a community center where people would converge for shopping, cultural activity, and social interactions. Shopping centers had their birth in the 1920's in California where supermarkets would anchor and serve as a magnet for a strip of smaller stores. A large and extensive mall with hypermarkets, high-end office spaces, hospitality and entertainment avenues is the best aspect as practised these days.

It is very crucial to differentiate for a mall to succeed, direct advertisements don’t seem to be working as much as word of mouth, the key is in engaging the customers, if they have good experience in the mall, have good time, they are highly likely to become loyal customers.

The traditional retail through itinerant salesman and formats of ‘haats’ and ‘mandis’ are long forgotten and were replaced by semi-established formats like mom and pop stores, kirana stores, convenience / department stores, and company/multi-brand showrooms. Even these semi-established formats are rapidly transitioning into established formats like hyper markets and multi-storied malls offering a range of products and services; from groceries, apparels and accessories to food and beverages, multiplexes, electronic goods and even salons and spas, all under a single roof.

The focus has over the years has shifted to intricacies of mall design, which has an important role in making a mall successful. Mall developers have realized that just creating a glitzy building with central air conditioning, spaces for large anchor stores and food courts, covered parking, etc does not guarantee the success of a shopping mall. Apart from adequate planning and study of the catchment area, mall size, shape, design, mall management, ambiance and positioning are largely instrumental in determining the fate of a mall.