FACTORS INFLUENCING THE OCCUPANCY RATES OF SHOPPING CENTRES

Abstract

The topic "Factors Influencing The Occupancy Rates of Shopping Centres" suggests its purpose and contents. In Singapore, the development of shopping centres is marked by an extraordinary spirit of optimism and steadfast enthusiasm. New shopping centre projects will keep on coming so long as developers are confident that their projects will outdo the others. In the light of an oversupplied market, "survival of the fittest" will rule the future of shopping centres. Many older shopping developments find that they are no longer sheltered as they were in the days when shopping centres were scarce and shopping was merely looked upon as a chore. The rapidly changing market conditions call for an urgent need for these developments to upgrade themselves to keep up with the pace and standards set forth by the newer developments. Likewise, the newer retail projects which are better off in meeting the current expectations have a lesson to learn from the older developments, that is, to be better planned in anticipation of the future. In either cases, there is a need to identify the possible areas of improvement and hence formulate strategies to sustain the attractiveness and viability of the shopping centre. Towards this end, this study discusses the relevance of location, design, tenant mix and management to the performance of the shopping centre.