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FDI in retail to boost mall management

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With clearing of FDI in retail by government, many global brands are looking at setting shop in India forcing Mall developers to hire mall management services. According to a recent report by CBRE, as many as 13 international players entered the New Delhi market last year. “There is already an increasing competition from the existing and new generation shopping centres. But today, with the new FDI policy, there will be an increase in demand from the global players for malls that will meet international standards and norms,” Jones Lang LaSalle Chairman and Country Head Anuj Puri said.

However, the concept of mall management which includes positioning, zoning, tenant mix, facility and finance management and promotions and marketing at present is at a very nascent stage in India. Till recently, mall management was limited to facility management. However, when foreign brands are looking at partnering with mall developers, they will look out for those who will meet their standards. Therefore, developers are now engaging specialty services like mall management to attract the international retailers. “Mall management has become an essential part of business because malls are no longer shopping destinations but are also evolving as hangout places. So they will force the developers to create an appropriate atmosphere,” L&T Realty Head- Retail Leasing and Marketing JP Biswas said.

 

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