It is my sincere pleasure to greet all members as President of the new PPKM committee for 2018-2020.
We are looking forward to an exciting time ahead for the next few years with new leaders at the helm of our country. For starters, we have been given the first tax holiday in 40 years and with more money in consumers’ pockets, this will certainly give shopping an exigent kick-start and a much-needed catalyst to continue to grow and move forward. Our version of GST is definitely Go Shopping Today !
Shopping malls have continued to multiply, with numerous new malls opened in 2017 and 2018, particularly in the Greater Kuala Lumpur and Southern region and there will still be a few more by this year’s end. Although the macroeconomic environment over recent years has been challenging, there is still much confidence amongst developers with another 40 malls under construction and completion by year 2020.
Inter-mall competition will, therefore, remain intense, particularly for new malls but it is precisely this competition that stimulates mall evolution and enhancements for the ultimate shopping experience. The only constant in our industry is change where malls constantly evolve and develop by continually adopting creative ideas in product or tenant mix, visual merchandising and marketing and operational services and facilities in order to attract and offer fresh experiences for shoppers.
On top of this, on-going technological advances have impacted the business models for shopping malls and retailers. E-commerce and e-retailing will continue to grow and both mall management and retailers must embrace these technological changes in order to stay relevant and remain on top. The whole scenario will evolve, too, with more malls and retailers adopting cashless retailing, e-wallets, mobile payments etc.
In shopping mall management, there are several basic factors for malls to succeed and to remain successful. Right on top of the mind, are the very people involved in mall management who must have sufficient experience, aptitude and passion to do it right, coupled with strong support from owners and developers. Other critical success factors include the correct merchandise or tenant mix for the target market, which must constantly evolve with market trends; a strong anchor and/or mini anchor tenants who are up-to-date and relevant to consumers’ preferences; being in the right location with the necessary infrastructure for easy accessibility; a strong marketing programme to create a conducive shopping ambience and of course, an optimum building design for operational efficiency. These factors are by no means exhaustive but essential to keep malls viable and thrive in the face of competition from other shopping options as well from the impact of macro-economic factors.
For PPK Malaysia, our main objectives for the shopping mall industry essentially evolve around education and training; networking, representation and information sharing. We aim to enhance the professionalism of practitioners by continuously organizing education and training programmes including our core Certification Courses in Shopping Mall Management, regional conferences and overseas study trips. We also organize social and sports events to encourage networking; represent member malls on generic issues impacting the shopping mall industry and conduct surveys to ascertain operational benchmarks for shopping malls. For all these, it is essential that members give their full and undivided support to have a meaningful and beneficial survey.
We look forward to continued participation from all members so that we can nurture our industry to higher levels together.