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PYM > Chapter 4: Managing Retail Property > Flashcards

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

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2
Q

Classification of Shopping centre

A
  • Trade Mix
  • Ownership
  • Size
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3
Q

Trade Mix Shopping Centres

A
  • All-under-one-roof
  • Specialist
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4
Q

What is the all-under-one-roof shopping centre trade mix?

A
  • family orientated
  • anchored by department stores
  • complemented by entertainment centres
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5
Q

examples of all-under-one-roof malls

A
  • takashimaya shopping centre
  • suntec city mall
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6
Q

Ownership shopping malls

A
  • strata titled
  • single-ownership
  • REITs
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7
Q

strata titled malls in sg

A
  • lucky plaza
  • beauty world centre
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8
Q

single-ownership malls

A
  • mustafa
  • jurong point
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9
Q

REITs mall

A
  • Capitaland Mall Trust
  • Frasers Centrepoint Trust
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10
Q

Size of shopping mall

A

bigger = more tenants

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11
Q

Types of shopping centres

A
  • neighborhood
  • community
  • regional
  • specialty
  • specialist
  • convenience store
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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
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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
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14
Q

Regional Centres

A
  • cater to whole island and tourists
  • primarily located in central area
  • one full-time department stores
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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
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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

PYM (8 decks)

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