Chapter 4: Managing Retail Property Flashcards
Definition of Shopping Centre
A group of retail and other commercial establishments that is planned, developed, owned, and managed as a single property
Classification of Shopping centre
- Trade Mix
- Ownership
- Size
Trade Mix Shopping Centres
- All-under-one-roof
- Specialist
What is the all-under-one-roof shopping centre trade mix?
- family orientated
- anchored by department stores
- complemented by entertainment centres
examples of all-under-one-roof malls
- takashimaya shopping centre
- suntec city mall
Ownership shopping malls
- strata titled
- single-ownership
- REITs
strata titled malls in sg
- lucky plaza
- beauty world centre
single-ownership malls
- mustafa
- jurong point
REITs mall
- Capitaland Mall Trust
- Frasers Centrepoint Trust
Size of shopping mall
bigger = more tenants
Types of shopping centres
- neighborhood
- community
- regional
- specialty
- specialist
- convenience store
neighbourhood centres in retail
- found in hdb estates
- serve 4000-6000 dwelling units
- fresh food market, foodcourt
- wide variety of convenience stores
Community centres
- built by private developer
- found in suburban areas
- serve 100,000 ppl
- variety & specialty shops, supermarkets, banks, cinemas, fast-food
Regional Centres
- cater to whole island and tourists
- primarily located in central area
- one full-time department stores
Specialty centre
- 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
Specialist centre
- predominant line of good is sold
Convenience store
- found at ground level of hdb
- small grocery stores that sells basic necessities
- known as mini mart or ma-ma stores
Centre Management Team
- Central Manager
- Marketing Manager
- Lease Administration
- Property Management
Central Manager are responsible for
- 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)
Marketing Manager
- create awareness in early stage
- build favorable public image
- frequent, regular interactions with public
- do market research
- rapport with media
- develop annual marketing budget
Lease Administration
- 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
Property Management
- day to day management & maintenance of mall
- monitor tenants’ improvements
- operational handbook
- ensure operations run smoothly
Scope and Duties of Retail Property Management
- Fitting-out Work
- Security
- Clean
- Carpark
- Crisis Management
Fitting-Out Work
- 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