RETROFITTING OF KATONG MALL

Abstract

Retailing, one of the most important sectors of the economy, has undergone massive transformation over the past two decades. Today, the retail market appears to be reeling from oversupply, intense competition, sluggish sales and the adverse impacts of the Goods and Services Tax and the whole-day Area Licensing Scheme. Facing such conditions, many of the older shopping centres undertook retrofitting with the hope of improving their aesthetic appearances, increasing their capital and rental values, repositioning and complying with new rules and regulations. In the rush to improve their shopping centres and increase traffic flow, many retailers often forgot that changes made should be responsive to the changes in demographic, socio¬ economic and psycholographic circumstances, which are translated into consumer preferences and patterns. In addition, during repositioning, identifying market niches and targeting efforts to meet the shoppers' needs are as important. Successful retailing must retain a dynamic quality in order to keep up to date with the changing demands and expectations of the contemporary shopper. If a retail centre fails to satisfy such needs, retrofitting, at best, can only improve the aesthetic and economic performance of the retail centre, it will in no way help make it a more attractive shoppers' destination.