Development and Detail of the Shopping Mall
Jamuna Future Park, a shopping mall, is situated in Dhaka. JFP is a huge investment from Jamuna Group of Industries. Nurul Islam Babul is the chairman of the Group. It is a subsidiary of the Jamuna. The construction started in 2002, by Jamuna Builders Ltd., a subsidiary of the Jamuna Group. The exterior was completed in 2008. It is the largest shopping mall in Bangladesh and the largest shopping mall in South Asia with a gross leasable area of 1,614,586 square feet. It is also the 4th largest shopping mall in the whole world.
The complex is spread across 33 acres of land in Kuril, Baridhara, situated on the Pragati Sharani, neighbouring posh residential areas of Dhaka city like Gulshan, Banani, and Bashundhara. It is relatively close to Shahjalal International Airport, offices of multinational companies, major embassies, and other offices.
It was opened on 6 September 2013. Currently, there are around 510 shops in JFP [1]. The shopping mall has seven floors distributed to car parking, Shops, Restaurants, Movie theatres, Bowling alley, supermarket, hypermarket, Gymnasium, Health club, Swimming pool etc. It has an amusement park in front of its giant structure. There are six exciting rides like Roller coaster and Magic Carpet.
The shopping mall is centrally air-conditioned, has seven floors, and equipped with its own 45 MW power plant.
JFP SWOT at a Glance
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SWOT Analysis of Jamuna Future Park
In this case of SWOT analysis of Jamuna Future Park, we have to conduct both the internal analysis that means the strength and weakness of Jamuna Future Park featuring their resources, capabilities and competencies and the external analysis which means how Jamuna Future Park is going to pursue its mission with various opportunities and threats in the business environment.
Internal Analysis
The Strengths of Jamuna Future Park
- It is the largest mall of its type in the South Asia region and 4th largest in the whole world.
- It has vast space to accommodate 510 retail stores.
- International standardization with lucrative exterior and interior decoration.
- Differentiation with Carnival and currently hotel construction in front of the mall within the mall’s boundaries.
- Large Cinema Theater called ‘Blockbusters’. It adds a major share in the mall’s total revenue.
- It has an enjoyable large recreation centre for all demography of customers.
- The Point of sales (POS) – It has in most of the shops which facilitate customers to pay the money instantly using their debit cards etc.
- It withstands a 7.5 magnitude earthquake
The Weaknesses of Jamuna Future Park
- Not enough retail customers comparing to the mall’s size and several stores.
- Not enough vendors to rent shops
- The expensive price range in retail stores, thus influencing customers to be reluctant to do shopping.
- Large distance from the city centre. People do not want to travel long distance most of the time, therefore they purchase from the near market
- No unique products, not differentiated. People find the same products in near places, so they are reluctant to come.
- Difficulties in transportation, Eg. traffic jam
- Lack of products at a reasonable price. Bangladesh is a low-middle income country. [2] Only 7% of people are middle-income family. [3]
- Does not provide discount cards to its direct or indirect customers
- Store rent is 250 taka per square feet which is expensive comparing to Bashundahra city (150 per sq feet) or other shopping malls in the same city.
External Analysis
Opportunities for Jamuna Future Park
- Firstly, attracting international brands to open up retail stores will bring product variety.
- Secondly, the development of surrounding areas causing the population to move into these newly developed areas raising the chance of a large number of customer very shortly.
- Thirdly, traffic flow from Basundhara RA
- Fourthly, if the 300 feet road becomes strongly functional, it will add traffic flow.
- Fifthly, the metro rail [DU to Uttara] will facilitate transportation [4]
- Finally, opportunities to use historical data acquired by token sales in food courts.
The Threats for Jamuna Future Park
- The political instability of the country
- Low-importance on customer retention.
- The technological malfunction in Carnival. An accident took place couples of months ago where few people were stuck on a ride. As JMP authority did not have strong rescuer team, the people were stuck for a few hours there. It created panic onward. The panic still exists.
- A growing number of E-Commercial sites. It may decrease sales.
- Major Brands [Unilever BD] are thinking of going online and make home delivery.
- Growing several supermarkets. Currently, it has 121 super shops. This industry is expected to grow by almost 15 times its current size by 2021. It can decrease the sales of many items in the shopping mall. [5]
References
- https://en.wikipedia.org/wiki/Jamuna_Future_Park
- http://www.dmtc.org.bd/about/MRT-Line-6-Route-Map
- https://www.bcgperspectives.com/content/articles/center-customer-insight-go-to-market-strategy-bangladesh-surging-consumer-market/
- http://www.dmtc.org.bd/about/MRT-Line-6-Route-Map
- http://www.lightcastlebd.com/blog/2015/02/market-insight-supermarket-industry-bangladesh
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Sheikh Faizul Haque is an internet entrepreneur and the founder of The Strategy Watch; Graduated from North South University with a double major in Accounting & Finance in Bangladesh.
With a strong interest in developing and improving Business Strategy and to Conduct Business Analysis.