The concept of a mall has evolved over a period of time and the idea is not just to build a concrete structure or have a number of retailers as tenants or even to command a large number of footfalls but to take the challenge to create a concept / shopping experience which can sustain operations over an extended period of time.
The Mall development lifecycle has 3 stages,
- Planning / Conceptualization – Conducting Project feasibility and valuation study, market research pertaining to catchments and consumer behavior.
- Design and Development – Appoint Architects [Accept Howard Rork ?] Specialized design and Engineering Teams and project Management Associates
- Operations and Way Ahead – Facility Management Teams, leasing Agents and Mall Management and promotion team
All these stages in the life of a mall are crucial to its continued viability. Mall development also involves a range of specialised services and know-how across its different developmental stages. For creating a successful mall, a fool-proof structure needs to be created, taking into account the likely deviations, step-by-step appraisal of every course of action and proper evaluation of the project among others.
Mall Development in 2010 and the years ahead is challenging and complex and is meant for more serious players only. The trend of developers embarking on a mall project whenever a parcel of land is available hardly yields any long term results. Quick and easy exit strategies from investments in mall projects through individual retail unit sales, is also likely to take a back seat.
What are Retailers expecting from Mall Developers ?