ML0017 MALL MANAGEMENT

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ASSIGNMENT

 

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

Q1. What do you mean by a mall? Describe the basic features of a shopping mall.

 

Ans : Meaning of Mall :

 

A shopping mall, shopping centre, shopping arcade, shopping precinct, or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to walk from unit to unit, along with a parking area – a modern, indoor version of the traditional marketplaces. As traders moved into more spacious shops in the early 19th century high streets developed, but wealthier people (who could afford to travel to city centres for pleasure) started wanting shelter from rain, so shopping arcades were developed. With new innovations like escalators these evolved into shopping centres

 

 

 

Q2. Write a detailed note on historical development of shopping malls.

 

Ans :  One of the earliest examples of public shopping malls come from Ancient Rome in forums where shopping markets were located. One of the earliest public shopping centers is Trajan’s Market in Rome located in Trajan’s Forum. Trajan’s Market was probably built around 100-110 AD by Apollodorus of Damascus, and is thought to be the world’s oldest shopping center and a forerunner for the shopping mall. The Grand Bazaar of Istanbul was built in the 15th century and is still one of the largest covered shopping centers in the world

 

 

 

Q3. Discuss the different models for malls? 

 

Ans : There are many models for malls. The provision of more entertainment options in malls, Indian retailers now have vastly enhanced their ability to increase sales. Till a couple of years back, street markets and bazaars were the top performers in the retail space, and they cornered a huge chunk of the overall sales in the sector. However, traditional markets now have to imitate malls by creating a better overall shopping experience for attracting potential customers.

Malls are now gradually replacing street markets and bazaars in the retail sector, given the ease of shopping and an array of services, including food and

 

 

Q4. What are the factors a lessee and a lessor should be aware while signing an

agreement?

 

Ans : A contract governs the rights and duties of the parties to it. A contract may be oral, but lawyers prefer written contracts to help make certain that the parties agree on the terms of the contract. This article summarizes ten critical things you should consider before signing any contract.

 

1. Determine the Parties to the Contract

 

 

 

 

Q5. Describe the mall components that influence its design.

 

Ans : The main components which influence the design of a mall are :

 

1. Accessibility, Visibility and Traffic:

 

Don’t confuse a lot of traffic for a lot of customers. Retailers want to be located where there are many shoppers but only if that shopper meets the definition of their target market. Small retail stores may benefit from the traffic of nearby larger stores.

•             How many people walk or drive past the location.

•             Is the area served by public transportation?

 

Q6. What are the key factors of tenant mix plan?

 

 

Ans : The tenant mix within any shopping centre is a vital element to its success and sustainability. Often the critical importance of the tenant mix can be overlooked by inexperience, which leads to failure of community shopping projects. Mark Souris, Managing Director of Periscopic Property Management, a leading commercial, retail and mixed use property management company says, “Market research and on the job retail experience is key to understanding what kind of tenant mix will work for a shopping centre,

“Sometimes the most exciting tenants will not actually suit the surrounding community that will be shopping at the centre, tenants can also misread the market.

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