ENHANCING THE IMAGE & BRAND EQUITY OF A SHOPPING MALL

With the changing lifestyles, incomes and Shopping Habits, there is a lot of scope for organized retailing which is growing day by day. Shopping Malls are really helping these Retail giants by providing them the infrastructure required by them to grow fast. The present study is based on the Multiple Drivers of Growth & the issues being faced today by these shopping Malls when more are coming up but they are not able to find the right rentals nor the footfalls required. Therefore, before planning for a mall, Developers should Position their property according to Customer Profile. It is suggested that they should not act as realtor, because poor mall management and poor tenant mix have resulted in low mall traffic and low conversion rate (8-10 percent only). They must know their customers in the area well and try to have a tenant mix as per the target customers. Create USP for their Malls and have the right rentals for their shopkeepers because high rentals will lead to less profit for their shop owners. The Mall developer should create an ambience and maintain a hygienic and a clean environment for family members to shop and come again and again making their shop owners more profitable in future.