Mall management is likely to be the next hottest trend in the Indian retail market. There is planning for the development of 300 more malls. With such a strong move waiting for its turn, builders will have to learn things to ensure their success.
There are around 100 exclusive shopping malls in India and 300 are scheduled to come up in the next levels of constructions. Data showcased by the study of Jones Lang LaSalle Meghraj says that more than 90% are still not at par with the international standards.
Mall Management will take care of the issues like positioning, tenant mix, infrastructure facilities, the kind of environment required, and finance management which is the most crucial part of all. Mall management will also be highly helpful for builders and retailers.
Unlike earlier, property developers and retailers have come up on the same platform which is better known as progressive partnership. Therefore, success of both retailers and mall operators are dependent on each other’s efforts to render effective services to customers.
Of the total mall space likely to be developed in India over the next two years, the share of the Capital City has been estimated to be 22 million sq ft. Following in footsteps will be Mumbai and Bangalore.
The market size of Indian retail sector is believed to be USD 320 billion in 2006 and the value is expected to grow 30% to 35% by 2010. Considering the growth of organized retail and increasing transparency in the sector, only professional malls will be able to survive among such a fiercer competition.
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