published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Environmental Management / Master / Master of Science in Environmental Management

published_or_final_version / Housing Management / Master / Master of Housing Management

The purpose of this study is to access the development of The Link REIT as a kind of REITs in Hong Kong. By evaluating the performance of The Link REIT, its shopping centres and the customer satisfaction, implication of The Link's management to the REIT, the shopping centres and even the society were identified. In this research, the evaluation for performance of The Link REIT would be divided into three scopes. Firstly, the performance of REIT would be evaluated by analyzing the indices. Secondly, the attributes of The Link's shopping centres would be evaluated by analyzing the determinants of rental income. Last but not least, customer satisfaction would be evaluated by measuring the service quality based on SERVQUAL instrument. The first two scopes of evaluation would be mainly based on the secondary data. Primary data obtained by questionnaire survey would be collected for the evaluation of customer satisfaction. After collecting and analyzing all data, position impacts of The Link's management was identified to the performance of REIT and the attributes of its shopping centres. In contrary on the first two evaluations, customers including both of the visitors and tenants were found dissatisfied to the empathy attributes of The Link's shopping centres. The customer expectation valued greater than the customer perception. In other words, The Link failed to understanding or providing what customers need. Upon conducting the regressive analysis of the secondary data, contradiction between the development of The Link and public expectation was finally concluded. The Link aimed at maximizing the interest or benefits for the shareholders while visitors or tenants requested The Link to ensure the low price of products and low rental charge. In considering the historical responsibility of HKHA, The Link was being over-expected in performing its social responsibility. To be a responsible asset manager and also a social company, recommendation or suggestions were made based on the analysis. / published_or_final_version / Housing Management / Master / Master of Housing Management

The successful factors of a shopping centre include the location, accessibility, design layout, tenant mix, internal environment and design, facilities provision. Many scholars argue on the successful factors of a shopping centre which are either the location or the tenant mix. According to Abratt et al. (1985), he mentioned the tenant mix was the most important determinant affecting the shopping centres. Once the shopping arcade is strategically positioned in a prominent location with frequent contacts to shoppers and the public, tenant mix will become the next most critical factor to the success of the shopping centres. Since Hong Kong has a comprehensive and convenient transportation network, it reduces the significance of location for a successful shopping centre. The purpose of this thesis is to focus on the importance of tenant mix and determinants of tenant mix in retail property management in Hong Kong shopping centre. The objective of this paper accounts for (1) the significance of tenant mix and (2) the most critical determinants of trade mix and (3) making suggestions for retail property management. There is a case study conducted in Mira Mall. It mainly focus on several theories related to tenant mix planning. They included (1) Central Place Theory, (2) Retailer Agglomeration, (3) Store Choice Model, (4) Retail Demand Externalities and (5) Bid- Rent Theory. Literature review, interview with leasing manager and survey questionnaire are under studied in order to get the result. The sample for this study is taken in form of simple random sampling. Interviewees were drawn from the shoppers in Mira Mall. Their opinions would be summarized for the analysis of a well-balanced tenant mix. The research result showed that a well-planned tenant mix is necessary and it can provide positive effects. It firstly identifies most of the customers’ needs for the area in forming the tenant mix. Anchor tenants are the most critical determinants which affected the patronage and choice of the shopping centre. It helps to generate positive retail demand externalities and differentiation. Secondly, tenant selection of other tenants to match with the anchor tenants is essential. In tenant placement strategy, landlord is suggested to use the strategy of homogenous agglomeration. Stores should avoid vicious competition, they should treat them as synergy effect among the trade area. Meanwhile in order to adapt to the changing environment and survive in the market, frequent reviews of the existing tenant mix is important. This act could help the centre to keep competitive power among the competitors nearby. Once the strategy is successful, they will have a great return and benefits including the reinforcement in promoting the corporate image and goodwill for both the developers and the tenants. This creates a win-win situation. / published_or_final_version / Housing Management / Master / Master of Housing Management

With the increasingly fierce competition in the business environment of Hong Kong, customer satisfaction is a critical success factor for servicing industries. This factor is especially important in the rapidly growth of shopping centres. However, there is a lack of in-depth research on the factor structure of customer satisfaction. Furthermore, the shopping behavior of customers and the critical factor affecting their overall satisfaction are still unclear. Without these kinds of information, the operators of the shopping centres may be incapable to satisfy all customers with unique marketing and management programs. As a result, the utilization of resources and the maximization of profit may not be complete. In this research, factors for measuring customer satisfaction are identified. The relationship between the demographic profiles of customers and their decision criteria in centre choice is investigated. The critical factors of overall customer satisfaction are compared across different groups of shoppers. The literatures have been reviewed to identify the factors affecting the customer satisfaction of shoppers in the industry of shopping centre. In order to further investigate the customers' opinions on the factors which will affect their customer satisfaction in the shopping centres, a survey was carried out in the multi-function shopping centers in Hong Kong with a sample size of 300. The shoppers are asked to rank the importance of these factors in affecting their customer satisfaction in these shopping centres. The results indicate that five factors are significant in affecting the customer satisfaction of the shoppers in these two multi-function shopping centres which are "Transportation", "Shopping Center Design, "Management Service", "Promotion Activities" and "Tenant and Trade Mix" as the way affecting the customer satisfaction of the shoppers in the shopping centres."Promotion Activities" is found to be significant in affecting the customer satisfaction of the shoppers in "East Point City" but not in "Park Central". No unilateral conclusion is drawn on their significance in influencing the patronage. This findings imply that "Tenant and Trade Mix" could affect the customer satisfaction of the shoppers in shopping centres in number of ways even though the location of the shopping centre is determined. / published_or_final_version / Housing Management / Master / Master of Housing Management

After walking through a decade since the millennium, shopping has been undergoing a remarkable transformation. From the most primitive form of exchanging goods with money on streets to the development of retail outlets and department stores, online shops are rapidly booming as one of the modern shopping preferences nowadays. This paper focuses to investigate the factors affecting shoppers' preference of choice between online shopping and mall shopping. The exploratory study examined 3 groups of shoppers including mall shoppers, online shoppers and cross shoppers to compare and contrast their concerned motives and behaviour as appeared in the two shopping modes. The comparison was based on a theoretical model derived in part from Fishbein and Ajzen.s "Theory of Reasoned Action (1980)"; Cowles, Kieker, and Little "E-tailing Theory (2002)”, Tauber (1972)'s Situational I Personal shopping motives model and a comprehensive literature review. The model identified the theoretical factors anticipated to influence the shoppers' groups shopping behaviors. A total of 297 shoppers in 3 shopping malls served as the purposive questionnaire samples. Factors derived from literatures were incorporated into the survey questions to identify the group of shoppers adopting e-shopping, cross shopping and mall shopping and their respective factors affecting their preference of choice. It was reviewed that apart from the various 'consumer', 'marketing' and 'technology' factors affecting e-shoppers, some of the factors were also found influencing the mall shoppers' preferences of choice in a similar way. Likewise, traditional factors motivating people to shop in mall have also infused with new social elements due to the e-era and people's change of lifestyle. In addition, special features and positioning in various malls were also discovered to exert a different impact on shoppers' option. To further enrich the research, face-to-face interview was also conducted with an online store manager and a shopping mall manager to obtain information from the management perspective. In reviewing their perceived reasons as to affect shoppers' preference to e-shopping and mall shopping, on top of the similar factors as suggested in the literatures, they both put much emphasis on the tactical strategies in business operation. Insights were drawn that online stores and shopping malls may not be direct competitors as one may not substitute the other. Recommendations on future business planning in each shopping mode were also made by frequently reviewing shoppers' desire and wants. The paper was concluded by summarizing the findings and to forecast the future shopping trends. Recommendations were also made to online stores and shopping mall operators to cope with shoppers' preferences and maximise their profit. / published_or_final_version / Housing Management / Master / Master of Housing Management

Shopping centres have become part of the daily lives of the urban citizens. Going to shopping centres for dining, shopping, entertainment activities is commonly observed among normal families and individuals of all ages in Hong Kong. How do people choose the shopping centre they are going to visit? What are the factors that affect the choice of shopping centres for visit? Youth, being the most active group for the retail market, and also the frequent visitors of shopping centres, plays a relatively more important role than other customers. It is worth to have a study for youth’s preferences for shopping centres. This study focuses on the youth who are aged from 18 to 30. In order to get their opinions about the factors affecting their choices in visiting shopping centres, a questionnaire survey was conducted. After the analysis of the views obtained, it was noticed that a good location, mature transportation, variety of shops, tenant mix, as well as entertainment features are the most important factors that the youth in Hong Kong would consider when they are choosing shopping centres. Among those factors, location was chosen as the most important determinant that the youth would consider in choosing shopping centres for visiting. It is suggested that the landlords, management agents and business operators of shopping centres should take these factors into account and have to consider those when they plan, develop, manage, and promote their shopping centres. / published_or_final_version / Housing Management / Master / Master of Housing Management

M. Tech. Business Administration / This study was motivated by the lack of adequate convenience retail shopping facilities for the residents of the study area, comprising Thatchfield Residential Estate, The Reeds, Heuweloord and a small portion of Rooihuiskraal. Tenants generate the income for a shopping centre and therefore the value of this type of retail property to the owners depends on the forecast of consumer demand for the products or services sold by tenants. Through balanced tenancy, the stores in a planned shopping centre complement each other in the quality and variety of their products offerings, and the type and number of stores are linked to the overall need of the population of the catchment area.

In the first chapter, I analyze the US banking industry in order to explain two facts. First, larger banks have lower but less volatile returns on loans compared to smaller banks over the years. Second, larger borrowers have better financial records, i.e. verifiable "hard" information, and they are more likely to match with larger banks, as documented by Berger et al.(2005). I show that these two facts can be explained using a segmented loan markets model with loan contracts between banks and borrowers. Moreover, I show that the difference between the banks returns is not due to diversification advantage of larger banks. Instead, it is because of the fact that larger banks can operate in both large and small loan markets, whereas small banks can only operate in small loans market. Therefore large banks are able to match with larger and less risky borrowers more frequently, which are less likely to default. Moreover, I take the model to infinite horizon allowing bank size to be endogenous to answer multiple policy questions about the future of small business finance and consolidation. I use the data set from the Consolidated Reports of Condition and Income provided by FDIC for 1984-2010 to motivate our research question and to estimate the model. My second chapter revisits the welfare cost of anticipated inflation in an incomplete markets environment where agents can substitute time for money by increasing their shopping frequency. Shopping activity provides an insurance channel to individuals against changes in the return on nominal balances through inflation as documented by Aguiar and Hurst (2007) and McKenzie and Schargrodsky (2011). In my model economy, a higher level of inflation affects people through two channels. First, it distorts the portfolio decision between real and nominal balances, second it redistributes wealth from those who hold more money to those who hold less. People, on average, respond to a higher level of inflation by increasing their price search activity, as they relative return on nominal balances goes down. I find that a 5 percent increase in inflation causes the welfare level go down by 2 percent if people are allowed to substitute time for money, and by 10 percent if we take this channel away from the model. Finally, in the third chapter, I compare the indirect measure of inflation expectations derived by Ireland (1996b) to the direct measures obtained from expectations surveys in multiple countries. Our results show that the inflation bounds calculated for US and UK data are more volatile than survey results, and are too narrow to contain them due to low standard errors in consumption growth series stemming from high persistence. For Chilean and Turkish cases, however, computed bound for inflation expectations seems to fit the survey results better. Out of three different surveys on inflation expectations in Turkey compared with the bounds computed using Turkish data, expectations obtained by the Consumer Tendency Survey fall within these bounds throughout the whole sample period. The success in the Turkish and Chilean cases can be attributed to the fact that volatility in the consumption series, whereas the failure in US and UK cases are most probably stemming from the fact that the current theoretical model is missing a risk-premium component. / text