A makeover is long overdue for many strata malls. But many suffer from a fragmented management structure which disincentivises rejuvenation, say ...
Strata-titled malls may do less well than REIT malls in weathering this historic upending of retail.
Single-owner and REIT malls have a strict tenant selection procedure to bring in a mix of complimentary tenants, whereas strata malls face challenges in attracting large anchor tenants with pulling power, which requires the amalgamation of contiguous, individual units. Yet being located near similar shops may breed healthy competition as businesses keep up with trends. Sim Lim Square moved from selling TV consoles, printers, cameras and IT accessories to laptops and smartphones with the IT boom in the 2000s.
REIT malls can undertake such projects without consensus from the majority of owners. REIT managers also have less qualms tearing down old buildings for redevelopment. The fact is REIT and single-owner retail malls are usually managed by a professional management team actively involved in developing distinct mall positioning strategies, planning promotional events, and conducting advertising campaigns, with their pay structure tied to the performance of the mall.The other trouble is most strata malls are not connected to transport hubs and MRT stations.
Initiatives that improve the mall’s physical layouts and functionality to create refreshing shopping concepts and experiences can enhance their asset value.
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