“Every mall would have its own standards,” says Tan Joon Kai, Head of Property Management of Eng Lian, and who also manages Bangsar Village 1 and 2.
While there are no fixed standards, he adds that there are some global and good practices which we can adopt. You need not look far especially when some of our malls have won international awards.
A boon to be located in an affluent neighborhood, Bangsar Village (BV) 1 and 2, of over 200,000 sq ft of net leasable space, captures a population not only from Bangsar, but also from Damansara Heights, Taman Tun Dr Ismail and Taman Seputeh.
“Suburban retail sales have been very strong, especially in affluent neighborhoods. And we are fortunate to be in Bangsar.”
On top of being in a good location, he stresses that there must be good retail mix and management to get the mall up and running.
Tenant mix has a lot to do with the target segment of the catchment. “As long as our retail selection choice is relevant to them (people), our retailers, our tenants will continue to enjoy increased sales and strong growth which is what we are seeing,” he says, crediting the mall’s success to the directors for their wide exposure in global travel and experience.
“You need to lease retail space out to what the people want, then you would be a success; it’s not the brand that the owner-developers think they deserve,” he quips, adding that it is often the partnership between you and your retailer that a lot of people do not see.
“They (retailers) must know that they can succeed in a mall and you must know that you can generate that customer that would make them successful.”
Opened in 2004, Bangsar Village has since then expanded to its second wing in 2007 to cater to the upmarket lifestyle of population, offering a more luxurious lifestyle spread from its basic essentials found in BV1. Currently, it is in the midst of changing its retail offering.
To him, it is important to be able to tap the best and highest use of the retail center, regardless, and this does not mean by monetizing every inch of the available floor space.
“For us, retail ambience is very important.”
“Merchandising mix coupled with our relatively lower cost of retail space would make Malaysia a very compelling choice of shopping destination.”