India tops the annual list of most attractive countries for international retail expansion, according to AT Kearney's Global Retail Development Index 2006 .The USD 270-billion Indian retail market is growing at the rate of 13 per cent -- and the organized segment grew nearly 48 per cent in 2006 at prevailing prices. Projected growth rate for the organized segment is about 40 per cent for year 2007 and with major global players and Indian corporate houses entering the fray this growth is likely to touch 45 per cent per annum over the next three years. By 2010 about 300 million square feet of additional retail space likely to be generated. Mall development has been steady -- currently there are about 200 operational malls (including some on the verge of completion), and this number is expected to rise to almost 600 by the year 2010. Of the new malls coming up, 40 per cent are concentrated in the smaller cities.
Quality of shopping malls in terms building quality though being one of the most important factors have always being ignored as there are no set parameters to do a comparative study. With over 600 malls that will be operational in next 5-6 years the success factor of the mall will depend not only on tenant mix, location, facilities but various other factors.
It is important for the retailers, advertisers and investors to judge a shopping mall on totality with quality index also. This is important as "what can be measured .. Can only be improved".
An overall ranking of various factors affecting the success of shopping center can be done through analytical weightage method.
Loosely we can say that : A shopping center is store of stores spread over a building or multiple buildings enabling customers to move from one store to another store in a comfortable atmosphere with adequate amenities. The shopping center must also fulfill needs of right tenant mix, security, safety, convenience of approach, entertainment etc.
What are the various Base Quality Parameter Categories that are important constituents of S.Q.I?
SnoBase Quality Categories
4Service and Tenancy
5Access and Circulation
7Scope for Marketing
8Developer Past Experience
Here, we must Factors that are important constituents of each Categories. This list can be as exhaustive as possible. From various reports we will consider following Factors for each of the constituents:
SnoBase Quality CategoriesFactors
1Building PresentationExterior Design
2Mall ManagementSecurity & Access
4Service and TenancyTenant Mix
5Access and CirculationCirculation of person
Circulation of Merchandise
Restaurant , Food Court ,
7Scope for other entertainmentPlace for events
8Developer Past ExperienceFinancial Strength
Past Retail /Mall Experience
Here, we know the factors responsible for the main quality parameters. To understand this further, we must broaden the factors further. So, we will arrive at sub-factors, which constitutes factors:
SnoBase Quality CategoriesFactorsSub -Factors
1Building PresentationExterior DesignFaçade Design
Main Entrance Design
Interior DesignAtrium Design
Common Area Design
Finishing of materials
Total Floor plate area
2Mall ManagementSecurity & AccessSecurity and Parking Access Control
Security and Indoor Access Control
Maintenances of Services and Access