FIELD TESTED IDEAS TO MAKE YOUR SHOP­PING CEN­TER MORE VALU­ABLE

Shopping Center News - - COVER STORY -

Shop­ping cen­tre spe­cial­ists tell the real, boots-on-the­ground story of what it’s like to cre­ate a valu­able mall - what they don’t teach at Busi­ness Schools and in the Blue­book of Shop­ping Cen­tre Man­age­ment.

A panel com­pris­ing mod­er­a­tor San­jeev Mehra, Vice-Pres­i­dent, Quest Prop­er­ties; Lalit Jain, Head - Prop­er­ties Project Plan­ning, Spencer’s Re­tail (RP San­jiv Goenka Group); M A Me­ha­boob, Founder & MD, Se­cura In­vest­ment Man­age­ment (In­dia) and Pro­moter, AIF Real Es­tate Fund; Ma­hesh M, CEO, Ishanya Mall; and San­jay Vakharia, Di­rec­tor & COO, Spykar Life­styles.

Talk­ing about the pe­cu­liar­ity of the re­tail busi­ness, San­jeev Mehra said, “For mall de­vel­op­ers, it is im­per­a­tive to stay pos­i­tive, be­cause if want to stay rel­e­vant we need to be pos­i­tive about ev­ery­thing. The idio­syn­cra­sies of our busi­ness are ex­treme and we need to in­no­vate time-tested ideas to work with them. Peo­ple who run the mall need to have a sixth sense to run it suc­cess­fully.”

Lalit Jain, stress­ing on the im­por­tance of keep­ing the re­tail busi­ness full of in­ven­tive­ness, said, “You can’t stop in­no­vat­ing, oth­er­wise you are dead. Since we can’t per­co­late down to the last level of HR, we need man­agers whose job is to rein­vent the wheel, to stay pos­i­tive and rel­e­vant even in the dif­fi­cult times.”

M A Me­ha­boob, added, “This busi­ness needs to be worked with cer­tain fun­da­men­tals com­bined with ground re­al­i­ties to get greater re­turn on in­vest­ment. At the end of the day we need to con­cep­tu­alise and run a mall in an ef­fi­cient and sus­tain­able man­ner for in­vestors and cus­tomers to be happy.”

Ma­hesh M, talk­ing about the im­por­tance of stay­ing rel­e­vant to the niche, said, “We shouldn’t lose core fo­cus of the prom­ise that we set out to de­liver to the con­sumer in the first place. My mall used to fo­cus on walk-ins – the foot­fall with an in­tent. We then started en­abling re­tail on our own and so, when re­tailer saw us stick­ing our necks out, they also joined us in our en­deav­our. We did lot of co­or­di­nated cam­paigns with re­tail­ers and the re­sults were more walk-ins lead­ing to bet­ter rev­enue shares and even bet­ter bot­tom­lines.”

San­jay Vakharia stated, “Back in the 1990s, denim was a com­mod­ity, and not a life­style/ fash­ion prod­uct. So, carv­ing a niche for our­selves, we cre­ated a brand with a mi­cro niche for young­sters and this was the main rea­son we were able to cre­ate a dent in the mar­ket. Spykar, as of now, has 200 stores and 1,400 points of sale and last year’s rev­enues closed at Rs 325 crore.”

All the pan­elists agreed that with sharp fo­cus and by not let­ting cus­tomers out of their sight, right busi­nesses can be cre­ated for the right set of au­di­ences.

For mall de­vel­op­ers, it is im­per­a­tive to stay pos­i­tive, be­cause if want to stay rel­e­vant we need to be pos­i­tive about ev­ery­thing. The idio­syn­cra­sies of our busi­ness are ex­treme and we need to in­no­vate time-tested ideas to work with them.

– San­jeev Mehra VP, Quest Prop­er­ties

L to R: Lalit Jain, Head - Prop­er­ties Project Plan­ning, Spencer’s Re­tail (RP San­jiv Goenka Group); San­jay Vakharia, Di­rec­tor & COO, Spykar Life­styles; M A Me­ha­boob, Founder and MD, Se­cura In­vest­ment Man­age­ment (In­dia) and Pro­moter, AIF Real Es­tate Fund; Ma­hesh M, CEO, Ishanya Mall

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.