Mall development and operations: An Indian perspective - Springer Link

Mall development and operations: An Indian perspective Received (in revised form): 26 February 2008

Shelja Jose Kuruvilla a faculty with the Institute of Technology and Management in the area of Retail and Marketing, has been in academics for the past five years after a brief stint in the industry, where she held the position of Product Manager on her last assignment. She is currently pursuing her PhD with Birla Institute of Technology, Pilani, India. Her research interests are in varied fields including shopping center patronage, competitive strategies for small retailers and semiotics.

J. Ganguli is currently the Chief Executive Officer of the Raghuleela Properties Pvt. Ltd, India which manages the Raghuleela malls. Raghuleela is part of the Wadhwa group of companies which is into major commercial, retail, residential, recreational and hospitality real estate development in India. He is an engineer by qualification. In addition to being responsible for the Raghuleela malls, he is also part of the top management at Wadhwa and is involved in the group’s other prestigious projects.

Abstract Organised Retail in India has seen remarkable growth in the last decade. In addition to the blossoming economy, one of the major drivers of this strong growth trajectory can be attributed to the rapid mall development in the country. This study, based on interviews with practicing retailers, mall managers and secondary data, tries to understand the analytical and financial steps that are undertaken before setting up a mall, sources of financing a mall and the sources of revenue and expenditure. On the basis of the findings, some suggestions are also put forth to enable a better relationship between tenant and mall management, and to ease the growing pains currently faced by malls in India. Keywords: shopping mall feasibility, financing, mall revenue and expenditure Journal of Retail and Leisure Property (2008) 7, 204–215. doi:10.1057/rlp.2008.14

INTRODUCTION Shelja Jose Kuruvilla ITM Business School, 25 & 26, Institutional Area Sector-4 Kharghar (E), Navi Mumbai-410210 Tel: 91 22 27742793/98 Fax: 91 22 27562801

204

The size of the retail industry in India is about $350bn (INR 13,800 billion) and is expected to grow at 13 per cent p.a. Organised retailing is only 2–3 per cent at present, but it is projected to grow at more than 30 per cent p.a. and it is also estimated to reach an astounding INR 1,000 billion by 2010. India has also been rated as the fifth most attractive emerging retail market and ranked first in a Global Retail Development Index of 30 developing countries drawn up by A T Kearney (2006).

© 2008 Palgrave Macmillan Ltd 1479–1110

Journal of Retail & Leisure Property

www.palgrave-journals.com/rlp

VOL.7 NO.3

PP 204–215

Mall development and operations: An Indian perspective 100%

4

6

90%

11

18

19

80% 41

32

% Population

70% 60% 50%

43 93 80

40% 30%

35 54

20%

36 22

10% 0% 1985

1995

2005E

Deprived (500,000 INR)

Figure 1: All India distribution of household income across economic classes in India Source: ‘The Bird of Gold’: The rise of the Indian consumer market by Mckinsey Global Institute (2007)

Powerful companies like Wal-mart, Tesco, Carrefour and Metro are lobbying aggressively with the Indian Government to allow 100 per cent foreign direct investment (FDI) in retail. But an A C Nielsen study has projected that even without FDI, the number of Organised Stores would double from the current 2,500 stores to about 5,500 stores by 2010 (Gopal, 2006). Rising income level (Figure 1), young population with high disposable income, availability of brands and merchandise, media proliferation, the impact of globalisation, saturation in international markets, positive indicators of the economy and the changing mindset of the consumers are the major drivers quoted behind this retail boom (MGI, 2007). Mall boom Mall development and boom in India is a subset of this booming retail. The common Indian’s definition of the shopping mall has evolved from one of the earliest forms of retail prevalent in India called the ‘Haat’ and the ‘mela’, which are temporary open-air markets generally held at a fixed site on a fixed day or at festival time. They could probably be considered the predecessors of ‘shoppertainment’ in India. ‘Haats’ (markets) and ‘Melas’ (village fairs) still are, in rural India, markets which are also spaces for social and cultural contact. In the Indian ‘Avatar’, shopping centres are a cluster of stores under a common roof. Those that are typically enclosed and also include food and entertainment facilities are called Malls. By this definition, large format stand-alone stores which include entertainment facilities themselves or more commonly as ‘store in stores’ are also understood to be Malls. But for the purposes of this study the definition provided by the International Council of Shopping Centres (ICSC) is used. ICSC states that ‘A shopping centre is a group of retail and other commercial establishments that are planned, developed, owned and managed as a single property’. It further states that malls, one of the two configurations of the shopping centre, are typically enclosed, with climate controlled walkways and parking in the outlaying areas (Pradan, 2003; Levy and Weitz, 2007). © 2008 Palgrave Macmillan Ltd 1479–1110


VOL.7 NO.3

PP 204–215

205

Kuruvilla and Ganguli

Spencer Plaza in Chennai and Crossroads in Mumbai are considered to have pioneered the shopping mall in its modern format. The pace of development has been fast since then. Mall development is expected to grow at a frantic pace in metros and mini-metros driven by the organised retail sector and spread to 60 cities by the end of this decade. For the Indian mass affluent, the call of the mall is proving irresistible. The packed parking lots, busy food courts and restaurants, crowded anchor stores and noisy gaming arcades at the malls bear testimony to this alluring call. The secret of the lure of the mall lies in its mass appeal — it has something on offer for everyone in the family. The fact that a mall offers an experience and not just goods is a major attraction. There is a wide range of shopping experiences — bargains and discounts or highend brands for couples, gaming and other amusement facilities for kids, a large choice of cuisines for family meals and, of course, the multiplex theatres (Mitra, 2006). In many ways, malls reflect the state of the society and act as agents of change. A comparatively young population (Figure 2), rising incomes and busier lifestyles are creating space for malls in the lives of the urban mass affluent. Leisure time is limited and a visit to the mall can do a lot for a busy family — domestic chores like grocery shopping are taken care of and food courts and restaurants save the bother of cooking dinner after hectic shopping, apart from keeping children entertained. Combine this with the consumer’s rising purchasing power and his increasing focus on value proposition rather than just price, and malls suddenly start becoming more relevant (Singh, 2005; Mitra, 2006). Malls are also becoming one-stop shops for the brand conscious. Malls house popular destination stores like Shopper’s Stop, Marks and Spencer, Pantaloons, Big Bazaar or designer boutiques like Ritu Kumar, Ogaan and Mona Pali. Indian and foreign brands in apparel, consumer durables, home décor, cosmetics, shoes, luggage, etc offer a wide range to the consumer and spoils them for choice. For the shopaholic, the factory outlet malls and a combination of branded and unbranded stores in many malls offer a value proposition. The food courts offer an excellent mix of traditional cuisine and international brands like McDonalds or Pizza Hut, or even exotic foreign cuisine (Singh, 2005). 50 45

2000

Median Age (years)

35

39

39

40

44

44

2025 36

31

38

37

30

30 25 20 15 10 5 0 India

U.S

China

Russia

U.K

Figure 2: International comparison of Median age Source: KSA Tecnopak Consumer Outlook (2004)

206



VOL.7 NO.3

PP 204–215

Mall development and operations: An Indian perspective

Multiplexes in existing and upcoming malls attract a whole country of movie buffs and is one of the most important source of footfalls for malls. In fact, Bollywood (the Indian equivalent of Hollywood) too has woken up to the multiplex reality and a whole new breed of cinema has come up to cater to the multiplex audience. Malls all over the country are also becoming serious destinations for fun and gaming. In-door cricket, bowling, pool tables, air hockey, go-karting, car racing, shooting, pinball and online multimedia gaming contests are just a few of the games on offer. This is premium entertainment and all of it in a clean, safe environment and perfect ambience (Singh, 2005; Gentleman, 2005). With malls so much in demand, it is no wonder that their number is expected to go up from 158 in 2005 to 600 in 2010. According to a study by Images Group Retail, the size of organised retail, of which malls form a very significant part, is expected to grow from INR 380 billion at present to INR 1,000 billion by 2010 — a jump of 2.8 times. In the last four years total mall space has increased from about 2 million square feet in 2002 to over 21 million square feet in 2006. This was driven by the rising incomes from continued economic growth, easy availability of credit cards and a demographic composition that favours spending in malls, namely, more than 80 per cent of the population aged under 45 and 50 per cent less than 25 (Gentleman, 2005; Business Line, 2007). But all has not been rosy for malls in India. With 100 per cent FDI in construction and real estate, a spike in mall development can be presumed. In the first half of 2006, FDI inflow into the sector was a record US$ 3bn (INR 118 billion). But a total of 700 million square feet of quality retail space is considered to be required by 2011. And for the expected mall development of 600 by 2010, total investments of 5bn US$ (INR 197 billion) will be required by developers. Moreover, malls in India have their share of issues that need to be addressed, such as high real estate costs, restricting licensing and tax norms, encumbrances on property, absence of single ownership and management and poor parking availability. As a result, the tenants in the malls feel they are faced with high lease rentals and costs towards common area maintenance (Business Line, 2007; The Economic Times, 2007). Feasibility estimation for new malls While studying the feasibility of a mall project, the major factors considered are site of the proposed mall and the Catchment of the mall. Other factors like the availability of manpower are also taken into consideration. Location or site The choice of location is largely dependent on the target audience of the mall, the expected tenant mix, the size and the format of the mall. As in the case of a retail store, the location of the mall is considered the most important aspect for success. This is because the location of the mall conveys a fair amount of the mall image and also influences the tenant mix (Levy and Weitz, 2007). The economic environment of the proposed site and the zoning laws need to be researched. The size of the site must be suitable for the chosen © 2008 Palgrave Macmillan Ltd 1479–1110


VOL.7 NO.3

PP 204–215

207


format of the mall. Larger formats like regional centres, super regional centres, power centres, etc require large gross leasable areas as well as adequate provision for parking. A standard rule of thumb is ideally 5.5:1,000(five and a half spaces per thousand square feet of retail store space). Indian malls currently have a lower proportion of parking, approximately 2:1,000 (two spaces per thousand square feet of retail store space), mainly because of high real estate costs and a substantial walk in population. The larger malls are usually located outside the city because they need to draw from a large population base. The smaller upmarket malls prefer the high street location (Levy and Weitz, 2007). The site must also be easily accessible by road. At the macro-level the road patterns, the road conditions and the natural or artificial barriers are simultaneously evaluated. The primary trade area of the mall should have major arteries so that customers can easily travel to the site. A related factor is road condition, including the number of traffic signals, congestion and the general state of repair of the roads. Natural barriers like rivers or mountains and artificial barriers like railroad tracks also affect the accessibility of the site. New malls also require good visibility from the road (Levy and Weitz, 2007). The access of the site to the necessary utilities such as water and electricity is vital. If continuous water and electricity (a frequent problem in India) is not available, the necessity of the mall to install generators has to be chalked into the costs. It is also possible to ensure uninterrupted electricity by availing electricity supply from two different service providers or grids. The lack of nearby sewer lines can also add to construction costs (Levy and Weitz, 2007). Catchment or trade area of a mall Malls determine the potential for a new location by defining its Catchment and estimating the possible footfalls and spend. The kind of tenants that the mall will house and the format to be built is also based on the analysis of the Catchment. The Catchment is the geographic area that accounts for a majority of the mall’s visitors. In addition to the location of the mall the other factors that define the size and shape of the trade area are the type of shopping area, the type of mall and the competition from other malls or other retail/entertainment formats. Information regarding potential customer base, available retail stores and perceived competition are sought through market research (Levy and Weitz, 2007; IRN News, 2007). Three popular methods are used to understand the Catchment. Customer spotting is used to determine how many people live in the trade area and where they live. Secondly, they use a masterplan of the area, demographic data, research firms and the census data to compile information. In order to assess the competition, internet sources or a visual survey of the neighbourhood is preferred. Mystery shopping is also commonly practiced. Once the mall has the data that describes their trade areas, they use several analytical techniques to estimate demand. The analog approach, the regression analysis or the Huff model are common techniques, although their applicability in India is disputed in academic circles (Levy and Weitz, 2007). 208



VOL.7 NO.3

PP 204–215

Mall development and operations: An Indian perspective Table 1: The cost of project for mall development in terms of infrastructure and pre-operative expenses Particulars

Amount INR/sq ft*

Land Construction Car park development Interest=(land cost+development cost)×bank rate@8% Interior Mechanical and electrical costs Pre-operative expenses

1,000 2,250 250 280 3,000 550 50

Total cost of project

7,380

*Approximate figures based on carpet area, 1USD=39.4 INR Source: DLS construction cost Hand Book, India (2007)

Cost elements of the project As in any real estate development, the following are the major elements of cost. 1. 2. 3. 4. 5. 6.

The land The construction The interest during construction The interiors, equipment, fixtures, etc Pre-opening expenses and The working capital.

Table 1 illustrates the cost of project for mall development in terms of Infrastructure and Pre-operative expenses. The figures are based on carpet area. The practice is to load the common area 100 per cent on the carpet area. The mall is usually designed by architects and interior designers with mall experience either in India or internationally. The major design aspects kept in mind are to ensure a sense of arrival at the entrance of the mall, good visibility of the outlets, suitable aesthetics and lighting, bright and attractive colours, wide isles, ramps and escalators. Care is taken to ensure convenience, cleanliness and security. Close circuit televisions, a help desk, a floor directory, signage, a paging system and drinking water are provided. Provision has to be made for the handicapped, such as wheel chairs, the handicap toilet, etc (Agnihotri, 2007). It is also necessary to ensure that the mall has completed all the legal requirements before it commences business. Eleven licences are required before construction from various regulatory bodies like the Public Works Department, the Mantralaya, the local police station, traffic control and the police commissioner’s office. This process requires approximately three months. The same number of licences is required again before starting operations. Additional licences are required if operating multiplexes or food outlets from bodies like the Municipal Corporation, the Health department, Central excise and the Shops and Establishments. This requires another one to three months. Altogether around 20–30 © 2008 Palgrave Macmillan Ltd 1479–1110


VOL.7 NO.3

PP 204–215

209


licenses are required for constructing a mall (Adukia, 2007; Thomsett and Thomsett, 1994). Sources of financing There are three modes of financing a mall development project currently in practice. (1) Self-finance (2) Funded (Indian/foreign) (3) Pre-sell In the pre-sell option mall developers generally acquire land, pre-sell individual stores to investors at pre-construction rates, accumulate capital and then construct the mall, without any occupancy concerns. This means that the investors in effect finance the mall. They would later on lease/ rent/sell the stores to the occupants .The turnover of property can be as much as two and a half times. The disadvantage of this model is that even though all the stores in a mall are taken, the mall will take time to be full since the investors would wait for the best deal to come along. In order to prevent this, a penalty clause is worked in to ensure that the stores under the investors are operational when the mall opens for business. Some malls, however, have also adopted an invitation-based leasing model. Occupation of the mall in this model is by invitation and the tenant mix is carefully planned. Zoning inside the mall can also be done, although it is ideally recommended only for small high-end malls. In these cases the developer has a stake in the mall management. This means relying on self-finance or funding. Revenue The tenants, at the same time, have the options of buying and operating the store in the mall, leasing from the developer or leasing from the investor. A wish list of tenants is worked on by the mall management. At the same time, tenants may approach the mall as well. The practice is to offer a 33-month lease with an option of another 33 months more. Since 2006, due to a stamp duty relaxation, five-year lease with the option of an additional five years plus five years is also being offered by mall developers. The major source of revenue for a mall is the rent paid and the maintenance charges paid by the tenants. Some revenue is also generated through space selling inside the mall, sponsored promotions and use of billboards on the facade by the tenants. Rent The rent lease agreement between the mall and the tenants are of two types. Almost all malls use both depending on the tenant. 1. The straight lease model or the rental model: The entire store is given at a fixed rate decided between a tenant and mall developer. This is currently around INR 250–500 per sq ft (on carpet area) in India depending on the location. An annual escalation clause of 210



VOL.7 NO.3

PP 204–215


approximately 5–10 per cent or 15 per cent every three years is worked into the lease. The terms are renegotiated usually when the lease is renewed (Singh, 2005). 2. The Revenue sharing Model: The mall developer charges some fixed rent for the store and also shares part of the profit of the overthe-counter sales in the store. Often, the mall commands a minimum guaranteed figure or a percentage of sales, which ever is higher. The malls in prime location do give a better advantage to a mall developer because he has a better earning potential with this model. The profit share is usually 10–12 per cent. Retailers like McDonald, Shoppers Stop, Pantaloon, Dominos, Nirula, etc and malls like Ansal, Sahara, etc prefer this model (Manley, 1988). Space selling Space Selling is the second best option for revenue. Herein too, if the mall is at a key location, the mall can charge from INR 150,000 to INR 200,000 for a month to display a 20×20 visual hoarding. The rates also vary based on location and visibility of the hoarding. Typically, a signboard on the external facade costs a tenant approximately INR 50,000–INR 60,000 per month. Mall promotions Mall promotions are these days almost as familiar a sight in shopping centres as the tenants themselves. Malls sometimes hold themed events especially during festivals, which not only provide footfall and boost retailers’ sales, but also provide a platform for opportunities in commercialisation. These events attract consumer durable companies, automobile companies, bringing in a lot of noncore revenue because it helps them promote the product among the relevant customers and built up a database of prospective customers. The brands are attracted to malls with a high footfall and their target demographic. Retail Merchandising Units or kiosks are also a more permanent revenue stream. The promotional events include fashion shows, display of important cricket matches, football finals or the F1 grand prix. Often, these events are sponsored by the tenants of the mall who want to increase footfall. Expenditure The mall’s operational expenses are mostly for the maintenance of common areas. The trading space in a mall is usually around 50 per cent of the total area (not including parking). This area is taken care of by the individual stores. But the space that forms the common area comes under the mall. The mall management has to take care of the proper functioning of equipments like lifts, elevators, air conditioners, lighting, etc (LLC, 2007). They also take care of the maintenance of the parking area, the rest rooms and other common areas. In addition to these activities, the safety and security of customers and tenants is also their responsibility. They also undertake frequent mall promotional activities and provide an overall pleasant ambience to shoppers. A typical income and expenditure statement of a medium-sized mall (approximately 500,000 sq ft) for a © 2008 Palgrave Macmillan Ltd 1479–1110


VOL.7 NO.3

PP 204–215

211

Kuruvilla and Ganguli Table 2: Typical income and expenditure statement of a medium-sized mall (per month) Mall incomes

Mall expenses

Particulars

Cost (INR)*

Particulars

Cost (INR)*

Rent/lease Visual merchandising Rent on common space Parking Occasional events

3,116,000 304,000 38,000 114,000 228,000

Maintenance Sanitation Salaries Contracts Office expenses

1,100,000 220,000 550,000 220,000 110,000

Total

3,800,000

Total

2,200,000

*Approximate figures based on carpet area, 1USD=39.4 INR

month is given in Table 2. These are incomes and expenditures that are subject to seasonal and occasional events. Taxes form another major expense for a mall. The taxes paid by a mall are three times that of a residential property and as much as four and a half times if it touches a major road or artery (Adukia, 2007). The breakeven achieved by malls can vary depending on the source of financing used and the potential of the catchment area. The malls that sell out stores to investors usually break-even before the mall is constructed. In the total lease model, break even based on working capital is usually achieved as soon as the mall is operational while return on investment will take a minimum of three to five years. Growing pains Because organised retail is in its nascent stage and mall management is mostly learning through trial and error, the industry as a whole is going through some growing pains. The major issues are as follows: Lack of planning Inadequate planning of the format and location is a major problem. The lack of attention to zoning issues is another aspect which is mostly ignored or given poor thought. When it comes to picking an exact site within a city, it requires knowledge of local traffic flows, the most desirable side of the street and the urban development patterns. This decision is usually rushed and made without the right knowledge. Growth of retailing and malls has not been kept up by infrastructure growth and basic amenities like parking space in the mall design. Because of poor public transport, more people come in cars than anticipated, leading to traffic congestion and ingress/egress issues. Tenant mix One of the most important aspects for the success of a mall is the tenant mix. But because many malls are being created as real estate ventures, this model has the inbuilt disadvantage of not having proper control over the tenant mix. This leads to empty looking malls even after the grand opening and leads to future problems that could affect the popularity and thereby long-term viability of the mall (Prayag, 2006). 212



VOL.7 NO.3

PP 204–215


High rentals/maintenance charges One of the major reasons that leads to disagreement between the mall and the tenants is the hiking of rentals and maintenance charges. The high real estate prices, charges for electricity, etc the mall incurs is passed on to the tenant in the form of rent or maintenance charges. The retailers, in turn, feel that they are paying unreasonable rentals, making their business less profitable and their ability to sustain in the long term poor. Understanding consumer behaviour ‘Build them and they will come’ is the attitude towards consumers currently. With more and more malls dotting the urban landscape, it is now becoming essential to study consumer behaviour and differentiate the offerings. Shoppers are spending a lot of time and not money at malls. People visit cafes, spend the whole day there and pass their time in that cafes. The malls are always crowded but most of the people come for window shopping and not actual shopping. When some mall developers indiscriminately promise footfall and conversions without adequate investigation or study and this does not materialise, then the relationship between the retailer and the mall management sours (Mitra, 2006; Prayag, 2006). Suggestions Some suggestions for effective mall development and improving the chances for success of a mall are: Infrastructure availability Access by the public transport system, good roads for service and customers, and provision for taxi and auto stands is essential for the proper function of a mall. Basic infrastructure like electricity and water supply has to be adequate to support mall development. Malls will then not have to run their own diesel-powered generators. Nor will they have to dig wells to suck up ground water. In addition to costs of the mall, it also causes environmental concerns like air pollution and depletion of the water table. Consumer tastes For the well-heeled buyer shopping is no longer a chore; it has become a fun activity. Developers must, therefore, create an ambience that makes it delightful for customers to spend time at the mall. Ease and convenience have also become top priorities, therefore adequate parking and easy access is essential. Today people who buy at malls are no longer looking for the cheapest product; they are ready to spend money on premium brands. It is very important that developers woo the right mix of tenants and brands to their mall (Prayag, 2006). Differentiated offering Most of the malls offer the same mix of shopping, food and films. As the number of malls increases, proper positioning of the mall and offering a © 2008 Palgrave Macmillan Ltd 1479–1110


VOL.7 NO.3

PP 204–215

213


unique value proposition will become important. Developers will have to choose a tenant mix that fits in with the positioning of the mall instead of accepting the first retailer that offers to lease space at their mall (Singh, 2005), (Prayag, 2006). Leasing instead of space selling Space selling at a mall is a low-risk strategy. On the other hand, if space is leased the mall will have better control over the tenant mix (and hence over the fate of the mall) (Singh, 2005). The right rental rate As the supply of retail space increases, developers may have to revise their rentals downward. Rentals calibrated to the revenue that the retailer is able to generate at the mall will motivate both parties to cooperate for each others development. Transparency in the calculation of the maintenance charges could also ensure better relationship between the mall management and the tenants. If developers and retailers join hands at the planning stage onwards, then there is a strong possibility that the mall concerned will be a success (Singh, 2005).

CONCLUSION With the right blend of good location, good research on consumers and the right tenant mix vis-à-vis the Catchment, malls can be successful in India. A healthy relationship between the mall management and the tenants, customer services and prompt action by the mall management to instill a sense of security are also mandatory for a mall’s success. It is predicted that the bulk of the country’s retail business will move into malls within a few years and more Indians are starting to buy at malls as retailers get better at pitching goods. References Adukia, R.S. (2007). Real Estate Law, Practice and Procedures, Book Corporation, Kolkatta. Agnihotri, P. (2007). Foreign support firms ride on Indian retail saga. www.tribuneindia. com/2007/20070908/real1.htm, The Tribune, accessed 21st September 2007. Business Line (2007). Mall construction set to boom says Merrill Lynch study. www.thehindubusinessline.com/2005/06/10/stories/2005061001091700.htm, accessed 11th September 2007. Gentleman, A. (2005). India’s malls pull in people who aren’t buying. www.iht.com/ articles/2005/05/10/news/india.php, International Herald Tribune Asia pacific, accessed 11th September 2007. Gopal, R. (2006). The changing paradigm in the retail sector. Spectrum http://www.kohinoorgroup. co.in/images/kbsjrnl/Vol3.Issue3_jan_apr06.pdf, accessed 14th October 2007. IRN (2007). Uppal group to launch mall in Jagadhari district Yamunanagar Haryana. www.inrnews. com/realestateproperty/india/retail, IRN News, accessed 19th November 2007. Kearney, A.T. (2006). The 2006 Global retail development Index. http://www.atkearney.com/main. taf?p=5,3,1,141,1, AT Kearney, accessed 21st January 2008. Levy, M. & Weitz, B. (2007). Retailing Management, Tata McGraw-Hill, New Delhi, pp. 242–269. LLC (2007). Mall operation tips. www.antiques-sos.com/mall.htm, Software Gallery. assessed 14th November 2007. Manley, M. (1988). Before you sign that lease. Harvard Business Review. 66(3), 140–156. Mckinsey Global Institute (MGI) (2007). ‘The Bird of Gold’: The Rise of the Indian consumer Market. www.mckinsey.com/mgi/publications/India_consumer_market/index.asp, MGI, accessed 25th January 2008.

214



VOL.7 NO.3

PP 204–215

Mall development and operations: An Indian perspective Mitra, M. (2006). The best malls in India. www.rediff.com/money/2006/sep/05mall.htm?q=tp, Rediffnews, accessed 13th September 2007. Pradan, S. (2003). Retailing Management, Tata McGraw-Hill, New Delhi, pp. 80–95. Prayag, A. (2006). Prestige group to invest Rs.2500cr in malls. www.thehindubusinessline. com/2006/09/06/stories/2006090602570500.htm, Business line, accessed 5th October 2007. Singh, S. (2005). Surviving competitive times. www.timesofindia.indiatimes.com/ articleshow/1048820.cms, Times of India, accessed 11th September 2007. The Economic Times (2007). DLF plans giant malls ties up with Tata. economictimes.indiatimes. com/articleshow/2112327.cms, accessed 17th October 2007. Thomsett, M.C. & Thomsett, J.F. (1994). Real Estate Investing, Wiley and sons, NY.



VOL.7 NO.3

PP 204–215

215