Download - aki RMERAT
-
8/10/2019 aki RMERAT
1/13
1
LALA LAJPAT RAI COLLEGE OF COMMERCE &
ECONOMICS
Topic: Success of Malls lies in the hands of mall
developers.
TYBMS C
SEMESTER: VI
FOR ACADEMIC YEAR
2013-2014
GROUP DETAILS:-
Akshit Kothari 1112261
Jay Samani 1112223
Aarsh Parikh 1112246
Rohan Nihalani 1112291
Benaz Katgara 1112187
Virali Shah 1112220
-
8/10/2019 aki RMERAT
2/13
2
INTRODUCTION
A shopping mall, shopping center/centre, shopping arcade, shopping precinct,or simply mall is one or more buildings forming a complex
ofshops representing merchandisers, with interconnectingwalkways enabling
visitors to walk from unit to unit. Shopping malls often have parking garages or
outdoor areas in which visitors can park their vehicles while they are inside the
establishment. Shopping malls are a modern, indoor version of the traditional
marketplaces.
As traders moved into more spaciousshops in the early 19th centuryhigh
streetsdeveloped, but wealthier people (who could afford to travel to city centresfor pleasure) started wanting shelter fromrain, soshopping arcades were
developed. With new innovations likeescalators these evolved into shopping
centres and with the rise of the automobile these evolved into shopping malls.
From early on, the design tended to be inward-facing, with malls following
theories of how customers could best be enticed in a controlled environment.
Similar, the concept of a mall having one or more "anchor stores" or "big box
stores" was pioneered early, with individual stores or smaller-scalechain
stores intended to benefit from the shoppers attracted by the big stores.
Selecting the best location or site for an outlet is a fundamental decision for any
retail business. Location affects customer patronage, market share, salesrevenue, and profit-and consequently the long-term performance and viability of
the business itself. In turn, the performance of businesses at a given location
affects the occupancy and rental rates that the property can achieve. A well-
located retail center can be successful even in a weak economic environment or
an overbuilt market, while a poorly located center may eventually fail.
Therefore, understanding how location affects a retail business is paramount tothe success of owning or investing in shopping centers.
A recent survey of experienced leasing and sales brokers, appraisers, investors,
and lenders provides some insight into selecting successful retail locations.
Specifically, the survey results indicate what criteria real estate professionals
consider predictors of a successful shopping center. The study, conducted in
metropolitan Denver, included 114 practitioners, at least 80% of whom had
more than six years of retail experience and 50% of whom had more than 11years of retail experience.
http://en.wikipedia.org/wiki/Retailinghttp://en.wikipedia.org/wiki/Walkwayhttp://en.wikipedia.org/wiki/Retailhttp://en.wikipedia.org/wiki/High_streethttp://en.wikipedia.org/wiki/High_streethttp://en.wikipedia.org/wiki/Rainhttp://en.wikipedia.org/wiki/Shopping_arcadehttp://en.wikipedia.org/wiki/Escalatorhttp://en.wikipedia.org/wiki/Anchor_storehttp://en.wikipedia.org/wiki/Big_box_storehttp://en.wikipedia.org/wiki/Big_box_storehttp://en.wikipedia.org/wiki/Chain_storehttp://en.wikipedia.org/wiki/Chain_storehttp://en.wikipedia.org/wiki/Chain_storehttp://en.wikipedia.org/wiki/Chain_storehttp://en.wikipedia.org/wiki/Big_box_storehttp://en.wikipedia.org/wiki/Big_box_storehttp://en.wikipedia.org/wiki/Anchor_storehttp://en.wikipedia.org/wiki/Escalatorhttp://en.wikipedia.org/wiki/Shopping_arcadehttp://en.wikipedia.org/wiki/Rainhttp://en.wikipedia.org/wiki/High_streethttp://en.wikipedia.org/wiki/High_streethttp://en.wikipedia.org/wiki/Retailhttp://en.wikipedia.org/wiki/Walkwayhttp://en.wikipedia.org/wiki/Retailing -
8/10/2019 aki RMERAT
3/13
3
OBJECTIVES OF THE STUDY
1. To study the consumer behaviour while purchasing different products fromshopping malls.
2. . To study the services offered by shopping malls to their customers.
3. To study the preference of customers between shopping malls and
departmental stores.
-
8/10/2019 aki RMERAT
4/13
4
RESEARCH METHODOLOGY
SCOPE OF THE STUDY
Scope of the study is considered only for shopping malls in metros of India.
DATA COLLECTION
This study is descriptive in nature. Secondary data has been used to collect the data. The
information is collected from magazines, internet, business articles and trade journals
RESARCH LIMITATION
The study was restricted only to the malls in India. Keeping in mind the time constraint. and
the study of malls.
.
-
8/10/2019 aki RMERAT
5/13
5
DATA PRESENTATION
Six Factors That Determine a Malls Success
1. Comfort
Early malls designed to create the most retail space with the least cost. Traffic
flow was constricted, with a single entrance/exit and crowded, dead-end
corridors. Only the occasional hard bench was provided to allow shoppers some
rest.
Modern mall design focuses on the consumer first, because uncomfortable
consumers mean fewer footfalls and declining business. Forward-thinking mall
developer Westfield Group worked with tvsdesignto develop a comprehensive
amenities package for the furniture, area rugs and accessories in its 57 U.S.
retail centres common areas. Large open areas with comfortable soft furniture
and decorative touches transform a day at the mall into a relaxing, pleasurable
experience.
2. Diversity
Historically, shoppers seeking a specific product or category were forced to
search the mall for their items a tiring, frustrating experience. Malls today
view diversity differently not just a very wide variety of retailers, but a
planned selection of retailers organized to provide convenient shopper access.
-
8/10/2019 aki RMERAT
6/13
6
The new North Country Mall in Punjab is a great example. North Country Mallvertically stacks different price points and merchandise zones on different
levels a practice seldom seen in Western malls that permits a broader retail
selection on a smaller geographic footprint.
3. Luxury
Newer malls strive to create a luxury hotel ambience for shoppers.
At tvsdesignwe call this resort retail, with an emphasis on creature comfort
and providing a hospitality experience with the same kind of amenities youdfind at a fine resort. Social gathering areas and services like concierge and a
VIP arrival area help create this resort ambience.
4. Mall Essence
Mall essence is harder to define, but it boils down to branding the retail
environment and the shopping experience. Consumers are seeking a shopping
experience that makes them feel comfortable, encourages them to stay longer
and, more importantly, persuades them to return. New malls can meet or exceed
these needs and consumer expectations by creating iconic shoppertainment
locations.
We at tvsdesigncall this placemaking. Placemaking means crafting a
relaxed environment that allows consumers to take home a memorable
experience one that they want to experience again and again. And that
includes almost every element of the mall retailer selection, mall design,
dining options and amenities.
5. Entertainment
-
8/10/2019 aki RMERAT
7/13
7
Entertainment is one of the elements in placemaking, and it applies to every
aspect of the mall that encourages shopper enjoyment. Areas for local
community celebrations and festivals, among them an outdoor plaza,
amphitheatre, and outdoor food court terrace are all planned as social
gathering places.
Mall dining areas are another essentialfeature of 21
stcentury malls, and should be more than just fuelling areas. Plaza
Egaa in Santiago, Chile, has restaurants on the roof of the mall that offer great
views and open space. Together with a multi-screen cinema, an IMAX theatre, a
food court and a jazz club, they help create a powerful entertainment
destination.
6. Convenience
Convenience covers a number of aspects of mall design. Is the facility close topublic transportation, and can that be incorporated into the design, as Plaza
Egaa has? Is sufficient parking available to accommodate a busy shopping
day? Does that parking area support multiple entry points to avoid crowding and
congestion? Does the array of retailers match the needs of local shoppers?
http://www.tvsdesign.com/markets/retail.aspx:/ -
8/10/2019 aki RMERAT
8/13
8
Reasons why mall developers are highlighted in the construction
of the mall
Positioning of a mall
"Mall management isn't just about controlling the crowds and security, but it
starts right from the time when the mall is being designed. Before building a
mall, it is very important to understand the demographics of the area. Youcannot plan a super-luxury mall, in an area where the spending power is not
much," says T Anupam, associate vice-president, Korum Mall. Korum is a
newly-opened mall in Thane, along the Eastern Express Highway.
Location of the mall is one of the main factors that decides its success. Good
visibility and access via roads are some of the main prerequisites for a mall.
Zoning of the mall comes next. This essentially means, deciding which tenants
would occupy what space and where. It is very important to have the right mix
of tenants at the right place, so as to ensure smooth flow of customers.
Promotions and marketing
You have to create visibility in the market, to get the desired footfalls. Timely
events and promotional activities in the mall, will make sure that you remain in
the news. Food festivals, exhibitions, film promotions, are some of the
examples of promotional activities that malls often undertake. According toJain, the challenge today, is to constantly keep the interest of the people high.
"We talk to our retailers on a regular basis, to know the consumer trends," he
explains.
Facility management
Facility management refers to the integration of people, place, process and
technology, in a building. It means optimal utilisation of resources, while
ensuring well being of the tenants, providing good ambience and traffic
management. "You have too see to it that all things promised to the retailer are
being delivered, that the ambience of the mall is maintained and there is a
smooth flow of traffic, along with enough security," says Anuradha Gandhi,
business head, Property Solutions.
-
8/10/2019 aki RMERAT
9/13
9
CONCLUSION
The study gives an insight about the opportunity as well as the challenge of
building customer loyalty for Shopping Malls in India as more and more
Shopping Malls are opening up in the country especially in big cities and
metros. To conclude, the increase in Shopping Mall retail space provide
sufficient space for new brands but it also results in more options to the
customers, which results in low customer loyalty towards a specific Shopping
Mall. To retain customers, Shopping Malls are undertaking several strategies
and tactics like extra services, better facilities etc. As the customer loyalty is
becoming more crucial, differentiation in terms of consumption chain or the
customer experience can help in building the desired loyal customer base tofight against the nearby Shopping Mall.
-
8/10/2019 aki RMERAT
10/13
10
SUGGESTION
Providing wide variety of merchandise is important. Having big brands to
attract higher spenders and also having normal merchandise brands and
quality and utility products is important.
Combination of high-quality merchandise and also the normal
merchandise has to be there. So that even people with low-pockets
spend more. And striking the balance between them is too important.
Products have to be priced smartly. High priced products should be
there. Also on the other hand medium and low priced products are
there. So money is generated from the spenders of all the size and mallcan also hold onto the spenders of different potential.
Striking the balance between the products of different sizes is very
important.
Location of the mall has to be chosen very smartly. It should be made
sure that it is in a good area and also the reach and convenience has to
be kept in mind. This also has a severe trade-off with increasing real
estate prices.
The structure of the mall has to be good. It has to have a good ambience
and has to have facilities. It has to be very well organised and has to
have trained representatives.
The mall has to have proper information kiosks and sign boards and
assistance when needed.
Mall can have many entertainment activities to increase the foot-falls.
Adapting to local culture is extremely important. Malls just dont have to
be the replicas of western culture. They have to adapt to local culture. Different consumers have different buying, spending, and consuming
habits. Malls have to position themselves accordingly.
-
8/10/2019 aki RMERAT
11/13
11
Annexure
Questionnaire
Sir/Mam,
As a part of our BMS curriculum, I have undertaken a research study of the factors affecting buying
behavior in shopping malls in Ahmedabad. Please spend your valuable time to respond to following
questions. I ensure that information provided by you will be used only for academic purposes.
Name:
Address:
Gender:
Age: Below 25 25-35 35-45 above 45
Education: Graduate Post Graduate Other______
Family Income: _________
1.
Quality of merchandise in the shopping malls attract me to shop from the shopping malls
Strongly agree agree neutral disagree strongly disagree
2. I prefer to shop from malls as branded and wide variety of products is available.
Strongly agree agree neutral disagree strongly disagree
3. I dont mind traveling a bit(more than 3kms to go to shop at shopping malls.
Strongly agree agree neutral disagree strongly disagree
4.
I dont mind paying a high price for shopping from shopping malls.
Strongly agree agree neutral disagree strongly disagree
5.
I purchase these product from shopping malls.
5.1
Vegetables, grocery and dairy
5.2Household items
5.3
Clothes and cosmetics
5.4Electronics and furniture
5.5Others
6.
I like to have a complete shopping experience when I shop. The ambience, facilities and
atmosphere play a major role while shopping.
Strongly agree agree neutral disagree strongly disagree
-
8/10/2019 aki RMERAT
12/13
12
7.
I believe that services, approach of representatives, culture in the mall play an important
role
Strongly agree agree neutral disagree strongly disagree
8.
When I go for shopping
8.1 I do window shopping
8.2 I have specific thing in mind
8.3
I go for entertainment
8.4
I go because malls are status symbols
Thank You!!!
-
8/10/2019 aki RMERAT
13/13
13
REFERENCES
Official website of Indian Retail Forumwww.indianretailforum.net
Jain(2009) Location Factors Retrieved fromwww.indianretailforum.com
www.emerald.com
www.thehindubusinesskine.com
www.deadmalls.com
Retailing shopping(Suite101)
http://www.suite101.com/article.cfm/retailing_shopping/65949
http://www.indianretailforum.net/http://www.indianretailforum.net/http://www.indianretailforum.net/http://www.indianretailforum.com/http://www.indianretailforum.com/http://www.indianretailforum.com/http://www.emerald.com/http://www.emerald.com/http://www.thehindubusinesskine.com/http://www.thehindubusinesskine.com/http://www.deadmalls.com/http://www.deadmalls.com/http://www.suite101.com/article.cfm/retailing_shopping/65949http://www.suite101.com/article.cfm/retailing_shopping/65949http://www.suite101.com/article.cfm/retailing_shopping/65949http://www.deadmalls.com/http://www.thehindubusinesskine.com/http://www.emerald.com/http://www.indianretailforum.com/http://www.indianretailforum.net/