Chapter 4: Managing Retail Property Flashcards
1
Q
Definition of Shopping Centre
A
A group of retail and other commercial establishments that is planned, developed, owned, and managed as a single property
2
Q
Classification of Shopping centre
A
- Trade Mix
- Ownership
- Size
3
Q
Trade Mix Shopping Centres
A
- All-under-one-roof
- Specialist
4
Q
What is the all-under-one-roof shopping centre trade mix?
A
- family orientated
- anchored by department stores
- complemented by entertainment centres
5
Q
examples of all-under-one-roof malls
A
- takashimaya shopping centre
- suntec city mall
6
Q
Ownership shopping malls
A
- strata titled
- single-ownership
- REITs
7
Q
strata titled malls in sg
A
- lucky plaza
- beauty world centre
8
Q
single-ownership malls
A
- mustafa
- jurong point
9
Q
REITs mall
A
- Capitaland Mall Trust
- Frasers Centrepoint Trust
10
Q
Size of shopping mall
A
bigger = more tenants
11
Q
Types of shopping centres
A
- neighborhood
- community
- regional
- specialty
- specialist
- convenience store
12
Q
neighbourhood centres in retail
A
- found in hdb estates
- serve 4000-6000 dwelling units
- fresh food market, foodcourt
- wide variety of convenience stores
13
Q
Community centres
A
- built by private developer
- found in suburban areas
- serve 100,000 ppl
- variety & specialty shops, supermarkets, banks, cinemas, fast-food
14
Q
Regional Centres
A
- cater to whole island and tourists
- primarily located in central area
- one full-time department stores
15
Q
Specialty centre
A
- no department store anchor or a supermarket
- creative use of an existing building
- carries high-priced, luxury items
- high tourist trade areas
- centre’s proximity to middle-and-upper-income residential
16
Q
Specialist centre
A
- predominant line of good is sold
17
Q
Convenience store
A
- found at ground level of hdb
- small grocery stores that sells basic necessities
- known as mini mart or ma-ma stores
18
Q
Centre Management Team
A
- Central Manager
- Marketing Manager
- Lease Administration
- Property Management
19
Q
Central Manager are responsible for
A
- administration (rent, sales report etc)
- financial (prepare operating statements, monitor financial activities)
- Operations (develop management plan annually, prepare management reports monthly)
- Tenant Relations (responsive to needs, establish lines of communication)
- Leasing (negotiate leases and renewals, coordinate leasing activities)
- marketing & promotions (supervise marketing manager, develop advertising & promotion programs)
20
Q
Marketing Manager
A
- create awareness in early stage
- build favorable public image
- frequent, regular interactions with public
- do market research
- rapport with media
- develop annual marketing budget
21
Q
Lease Administration
A
- Early stage – involved in schematics of mall
- meet requirement of tenant
- strategising and planning the positioning of the mall
- prepare lease agreement
- rental plan
- meeting budget and achieving optimal occupancy rates
22
Q
Property Management
A
- day to day management & maintenance of mall
- monitor tenants’ improvements
- operational handbook
- ensure operations run smoothly
23
Q
Scope and Duties of Retail Property Management
A
- Fitting-out Work
- Security
- Clean
- Carpark
- Crisis Management
24
Q
Fitting-Out Work
A
- renovation works, decorations, and other changes that the tenants have to do to the premises to make it suitable for the operational needs
- better no impact on structural and M&E system
- landlord must establish renovation guidelines for tenants to follow
25
Q
how long does renovation take?
A
- one to six months
26
Q
is there rent during fitting out period?
A
no <3
27
Q
Security
A
- uniformed
- non-uniformed
28
Q
security officers
A
- are on patrol at shopping centres at all times to provide a sense of security
- provide information and directions to shoppers so need to be trained to handle enquiries & be kept up to date on shopping mall
- serve as deterrent (ppl see them wont do smth bad)
- know first aid, basic fire-fighting skills
- no fire arm in SG
- can be in-house or outsource
29
Q
Cleaning
A
- neat and tidy
- major cleaning is done during closing hours to not inconvenient shoppers
- minor cleaning can be done at regular intervals throughout operational hours
- crisis-related - spills, chokes etc
- need team of professional cleaners
30
Q
Carpark
A
- off-street parking facilities is CRUCIAL
- insufficient = loss in business
- vehicular circulation to avoid heavy traffic build up at entrance
31
Q
Crisis Management includes…
A
- Fire
- Flooding
- Injuries & Death
- Bombs and other acts of terrorism
- Public Health Emergency Crisis
32
Q
Fire in a mall
A
- due to the negligence of shoppers, tenants, or acts of mischief
- security guards are trained to look out for fire hazards or sighs
- alert Fire Command Centre (FCC), which is routed to fire brigade & police
33
Q
Smoking is not allowed in…
A
Air conditioned premises
34
Q
Flooding in malls
A
- bursting of sprinklers
- flood water is to be drained off
35
Q
Injuries & Deaths
A
- minor: child injury :(
- major: serious injury (oof)
- top priority: first aid to stabilize victim until help arrive: announcement for doctor
- crime scene: nothing to be touched
36
Q
Bombs and Other Acts of Terrorism
A
- Bomb threats over telephone: staff is trained to get as much info from caller as possible
- security checks
- suspicious persons or items
- evacuation
- police and bomb disposal unit must be called
37
Q
Public Health Emergency Crisis
A
- during SARS and COVID, people were advised to stay in-door and avoid public places such as shopping centres
