New Delhi: The proliferation of shopping malls across urban India has led to a boom in the retail industry but the management of these malls has emerged as a big challenge, industry experts say.
Industry leaders discussed the need for an effective mechanism for the proper management of the shopping malls at a seminar - Retail Symposium 2006 - held by the Confederation of Indian Industry (CII) on Thursday.
"Mall management is the biggest concern faced by the country's retail industry today. This is one area which has been neglected time again, either by the real estate developers or by the retailers," Kabul Chawla, chairman and managing director of BPTP Ltd, told the conference.
Said Kamal Taneja of Taneja Developers and Infrastructure Ltd said, "We should first understand the needs of the market where a specific mall is going to be set up. A right mix of retail and mall management by developers will together weave a success story."
Contending the responsibility of proper management of a shopping mall is often shrugged off both by retailers and builders, Sanjay Verma of Cushman and Wakefield, said, "Mall management is detrimental to the growth of India's retail industry. We need to understand its need if we want to survive in this competitive market."
According to Technopak Advisors, a realty consulting and research agency, India is currently the ninth largest retail market in the world and organised retailing in the country would cross the $21.5-billion mark by 2010 from $7.5 billion at present.
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