Right ambience + profits
R. BALAJI
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There is a lot more to retail property administration than just housekeeping
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Retail property management is an emerging opportunity for those who have the skill-sets required. India is a huge market with a billion consumers. This large consumer base, to an extent, has been a cushion against foreign institutional investors withdrawing investments when the liquidity pressures in the U.S. markets forced them to exit markets here. The hedge funds sell off here against the sub-prime pressures that saw the markets tumbling, but the silver lining was the b
uys by retail and institutional investors. This is even more significant in the retail space. Both multinational retail chains and domestic players have been watching this sector develop. Malls to hyper markets, the number of retail developments is increasing across metros, mini metros and even Tier II cities. Some industry watchers even label it a retail revolution. In this scenario, retail property entails three ‘A’s — architecture, aesthetics, and administration techniques.
Three vital ‘A’s
Retail property architecture requires daily maintenance. It involves lighting, entrances and gallery elements. Here, property management involves ensuring lighting shows up window and in-store displays to best effect.
Therefore, lighting needs to be addressed in conjunction with the natural light available too. It requires a skilled manager who ensures through the seasons that the lighting is efficient. The colour and texture of what’s on display changes often and the lighting needs to take this into account.
The facade, flooring and wall material play a significant role here. It is these three elements that are most visible and should complement the shopping experience.
There is a lot more to retail property administration than housekeeping. Here, it takes on new dimensions. Air quality, for example, plays a vital role in keeping energy levels of shoppers up. The music and ambience provoke impulsive shopping. Services and the right mix of brands ensure serious shoppers frequent the plaza or showroom. Administration is about making the shopping arcade convenient and fun for the customer and profitable for the retailers.
Retail revolution
Shopping has long since ceased to be a chore. It is an experience today. In order to create the sort of experience shoppers demand, arcades need professional property management.
As the retail sector expands it will be common to see this aspect of running an arcade franchised out to professionals. The time is right for entrepreneurs to acquire skills needed to manage retail property. Many malls being developed these days don’t sell the space. They lease them out to retailers .
Retailers too will pay higher lease amounts when the management is good and more footfalls are assured.
(The author is CEO, Propmart, an end-to-end property solutions provider)
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