Issues in Mall Management - an Overview

Issues in Mall Management - an Overview


Abstract

In metropolitan India, shopping malls are quickly becoming an integral aspect of daily life. Demand projections for mall space in India are promising; however, issues such as high real estate and construction costs, poor infrastructure, a non-conducive policy framework, and a lack of professional expertise in mall development and management have hampered mall growth in India over the last decade. This has resulted in homogenous malls, falling occupancy levels, and decreased mall and tenant profitability.

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Introduction

India is a latecomer to the world of shopping mall construction. The first Indian shopping mall (Spencer Plaza in Chennai) opened in 1990, but it wasn't until 1999 that two additional malls (Ansal Plaza in Delhi and Crossroads in Mumbai) opened that the industry really took off. The availability of mall space in India has increased dramatically during the past decade. From three malls in 1999 to over 200 malls in operation today, the nation now has approximately 87 million square feet of mall space ( Images Research, 2007 ).

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Conclusion

India is still in the development stage of the mall lifecycle, and if errors made during this period are used as lessons and guiding principles for charting a future course of action, shopping malls may have a bright future. Developers and the government will need to work together to achieve this. The retail real estate industry urgently needs to become more open, responsible, and customer-focused. Then and only then can India's shopping mall development be really sustainable.

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