ECONOMICS OF RETAIL REFURBISHMENT
LIM WEE LEE GERALD
LIM WEE LEE GERALD
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Abstract
With the emergence of many new and modern retail developments, and as shoppers are becoming more sophisticated, some form of upgrading and change have become necessary for the maturing retail centres to maintain their competitiveness. The current trend towards refurbishment has prompted this study to investigate into the salient factors to be considered and the financial viability of refurbishment in the retail sector.
Though profitability remains a crucial factor in influencing the decision to refurbish, the findings of this study also highlighted the importance of other less quantifiable factors, such as prestige and reputation. Location, the prevailing market sentiments and budget constraints are some of the major considerations affecting the financial viability of a refurbishment project.
The study also found that refurbishment projects are not only undertaken for the older centres, but is gaining popularity among some new developments as well. This underlines the dynamics of the retail sector and thus the need for continual upgrading.
Finally, as in all investments, the element of risk, in particular, financial risk, cannot be overlooked. Thus, a careful analysis is necessary before any refurbishment projects are undertaken.
Keywords
Refurbishment, Retail, Economic, Trend, Feasibility
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Date
1990
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