Jamuna Future Park is the largest shopping mall in South East Asia
EXECUTIVE SUMMARY
Jamuna Future Park is the largest shopping mall in South East Asia which has been built on a grand scale of 33 acres of land adjacent to Baridhara Progoti Sharani, Dhaka. In keeping with the idea of offering great value in the retail environment to its consumers, Jamuna Builders Ltd. has established Jamuna Future Park, Asia’s largest lifestyle shopping and entertainment complex in Bangladesh. Recognizing the substantial gap that exists for value-driven shopping malls, Jamuna Builders Ltd. has developed international standard shopping mall with a view to offering its consumers trendy, stylish, brand driven, safe and comfortable shopping at an extremely attractive and affordable price.
In Bangladesh, lot of shopping malls exists nowadays and it is a challenge for JFP to come up with something which would be better than the other shopping malls in the country. The mall has to be different from the other shopping malls so that people can clearly see its uniqueness and differentiate it from the others and hence make visits to it. The content of this report is based on two parts. In the organizational part, a brief overview of Jamuna Future Park along with its different features which it would be providing to its customers is given. The other part of the report consists of the analysis which has been done in order to find out the future prospect of Jamuna Future Park in Bangladesh. How the people of the country looks at such a huge thing ad what do they think of it has all been analyzed which would help us to get a clear picture of peoples’ attitude and expectation towards the shopping mall. Based on the results, some suggestions would be given which would help JFP to satisfy the people of the country more deeply.
Historical Background of Jamuna Group
In the year 1974, the group started its long journey and in 1975, the first flagship enterprise of the Group, Jamuna Electric Manufacturing Co. Ltd. started operation. It pioneered the manufacturing of electrical accessories and fittings in Bangladesh. It is also producing PVC-compound and pipes.
In the year 1980, Jamuna stepped into domestic production of high and low voltage cabbies and conductors though the inception of Jamuna Cables & rubber Industries. Jamuna Electric & Engineering Industries Ltd. was established to produce ceiling fans, exhaust fans and ballasts.
In 1988, Jamuna Distillery Ltd. was launched for preparation of industrial and pharma alcohol, thereby making the Group’s entry into the chemical sector of the country. Presently, Jamuna Distillery Ltd. claims wide expertise in the chemical sector. And in 1992, the Group entered into the footwear industry with Pegasus Shoes Ltd. Product line of the company includes leather shoes, sports shoes, sandals and sneakers. With a view to provide boost to the local shoe industry and meet external demand of leather, Pegasus Leather Processing Unit was set up for producing finished leathers from natural crust leathers. Jamuna Knitting & Dyeing Ltd. made its entry into the textiles sector as a Composite Unit with knit fabrics, dyeing, finishing, printing and readymade garments. Jamuna Welding Electrode Ltd. started production of are welding electrodes.
Rubicon Advertising was launched for nationwide advertising in different media to support its own brands and to service outside organizations as well.
In 1993, the Group started its most ambitious venture in the cosmetics industry with Aromatic Cosmetics Ltd. which produces cosmetics and toiletries under the `Aromatic’ brand name. And in 1996, Establishment of Shameem Spinning Mills Ltd. for production of knit yarn opened a new frontier in the textile technology for the Group.
In 1999, the group stepped into the other business sectors of the country where Jamuna Printing & Publishing Ltd. made its entry into publication sector by publishing The Daily Jugantor. In 2000, the Group’s housing venture started with Jamuna Builders Ltd. which has already given shape to the project of building Asia’s biggest shopping and commercial complex-Jamuna Future Park, developing a large residential township-New Uttara Model Town, and a mega real estate venture-Jamuna City.
As an evolving private company that has continually grown within the competitive industry in Bangladesh, Jamuna Group possesses high values. To maintain its competitiveness in todays globalized modern market, Jamuna introduced the best technology along with machinery and expertise in Bangladesh. Jamuna developed and expanded its enterprises of multi-dimension for diversifying its product range. In course of 34 years of operation Jamuna Group expanded into a giant dynasty of 24 large scale enterprises.
From textile to real estate, Jamuna Group has diverse business interests. Over the thirty four years of operation, the Group has ventured into electrical, engineering, chemical, leather, garments and textiles- including spinning, knitting and dyeing, cosmetics, toiletries, beverages, real estate, housing, print and electronic media sectors.
Jamuna has a strong goodwill for its products and operation in both local and global market. It is imperative to point out that Jamuna has built up a new World of textile with the best technology and machinery imported from Germany, Switzerland, USA, Japan, India, Italy etc. for producing the best quality products for the global market.
Jamuna has diversified its business from manufacturing to media industry. One of the most significant and powerful subsidiary of Jamuna Group is THE DAILY JUGANTOR, which is one of the leading newspaper of Bangladesh. The Jugantor is the rare achievement of the Group, with the motive to protect human rights and provide true and fair news to the nation. It has occupied the heart of the common people of Bangladesh by championing their grievances and upholding their democrative rights pro-people, responsible and transparent journalism is its inherent philosophy and guiding force for playing a role of the BECON STAR in the world of the print media.
Jamuna group is also involved real estate development and one of the biggest project it has undertaken is The Future Park. The project is located at Baridhara, Dhaka on 33 acres of land. The Future park is emerging as a centre of excellence for premier cluster of large scale enterprises like most lucrative and an aesthetic biggest shopping mall cum commercial complex in Asia, a modern television building (centre) a modern 500 beds Hospital, a Five Star Hotel etc in the same premises.
HRD & Corporate Governance
Jamuna Group recognizes the importance of staff as true ‘Human Resources’; valuable assets that contribute to the continuing growth of the company. By placing emphasis on personnel at every level of the business, we hope to encourage a true team spirit.
Jamuna Group’s philosophy recognizes these people as the key element of the business and we aim to be the employer of choice in our industry.
In the fast-paced world, vibrant and dynamic Corporate Governance practices are an essential ingredient to success. Jamuna believes it in the continued improvement of corporate governance. This in turn has led the Company to commit considerable resources and implement internationally accepted Corporate Standards in its day-to-day operations.
Being a group, the Board of Directors of the company have a pivotal role to play in meeting all stakeholders’ interests. The Board of Directors and the Management Team of Jamuna are committed to maintaining effective Corporate Governance through a culture of accountability, transparency, well-understood policies and procedures. The Board of Directors and the Management Team also persevere to maintain compliance of all laws of Bangladesh and all internally documented regulations, policies and procedures.
Jamuna Group is a truly transparent company that operates at the highest levels of integrity and accountability on a global standard.
Corporate Purpose
Their corporate purpose is to discover develop and successfully market innovative products and make those available to the masses and to enhance the quality of everyday life of people. Moreover, they want to create and successfully commercialize leading services and communication tools to create new business opportunities and expand the means for people to utilize these services for the betterment of their future.
The company also wants to provide a broad portfolio of innovative, effective solutions that reach to the distant boundaries of Bangladesh.
Environment: We Care
At Jamuna, sustainability means managing business in a way that balances environmental, social and economic impacts. This psychology is built on the companys commitment to ensure its operations remain sustainable in the longer-term. Jamuna is environment friendly. They are very much careful about our environment so that water and flora fauna around us are not adversely affected.
Jamuna Group is committed tomake continuous improvements in the management of their environmental impact and to develop a sustainable business in the long run. In their Policy of being environment friendly, it serves as the basis for decisions and actions on all levels of the group throughout Bangladesh, build the foundation of the company.
The policy articulates company’s core values regarding social and environmental concerns and its commitment to upholding them. In addition, it is consistent with the group’s core values and is based on the fundamental rights of every individual, such as the protection of privacy, freedom of opinion and expression, freedom of association, nondiscrimination, and the right to be heard.
Goal
- Apply more sustainable practices in our operation; and
- Educate its employees and customers about how they can make a difference.
Nation building activities
Jamuna participate in our nation building activities. They have a big contribution towards the national exchequer in the form of taxes and by generating employment opportunities for huge number of unemployed work forces. Jamuna Group is one of the biggest employers.
Obeying the Law
All Jamuna Group employees are required to comply with the laws and regulations of the countries in which they operate.
Employees
Jamuna Group is committed to diversify in a working environment where there is mutual trust and respect and where everyone feels responsible for the performance and reputation of their company. They will recruit, employ and promote employees on the sole basis of the qualification and abilities needed for the work to be performed. They are committed to safe and healthy working conditions for all employees.
Candor, trust and integrity are fundamental Jamuna Group’s values, which must be respected by the employees. Employees should also be familiar with good business practices relevant to their jobs and should implement them conscientiously. Employees shall use good judgment and common sense in all situations when the requirements of the law or of good business practices appear unclear. Employees should seek advice and direction from their supervisors in such situations.
Each employee is entitled to fair, courteous and respectful treatment by his or her supervisors, subordinates and peers. The Group do not tolerate discrimination or harassment based on race, religion, creed, national origin, sex, disability, age or any other relevant category. The corporate cultures goal is to develop and strengthen programs to ensure fair living wage, diversity and adequate dialogue with all employees.
Competition
Jamuna believes in vigorous yet fair competition and supports the developments of appropriate competition laws. They conduct their operations in accordance with the principals of fair competition and all applicable regulations. According to their belief, they would strengthen programs to ensure fair living wage, diversity and adequate dialogue with all employees as Ill as competitors.
Business Integrity
Jamuna Group strive to ensure that their business surrounding understand the standards and wherever possible, act accordingly in all areas of concern.
- All employees and partners are expected to follow the law and adhere to high ethical standards.
- Business transactions must be conducted with the best interests of the group in mind.
- Business entertainment and business gifts to government officials, if permitted, must be in compliance with Jamuna’s general business expense policy and with the rules and regulations of the government agency.
- Compliance with the law is an absolute requirement for the group and its employees.
- All agreements between competitors aimed at coordinating market behavior are prohibited. This includes:
- Price-fixing agreements
- Sales agreements restricting the type of products that may be offered.
- Agreements on the allocation of territory, classes of customers or production quotas.
- Agreements to apply a boycott.
Conflicts of Interest
All the employees are expected to avoid personal activities and financial interest, which could conflict with their responsibilities to the company. No employee shall make any payment or kickback or offer improper financial advantage to an official of a government or a government-controlled entity for the purpose of obtaining business or other services. According to the Convention on Combating Bribery of Foreign Public Officials each employee is entitled to fair, courteous and respectful treatment by his or her supervisors, subordinates and peers.
Industry Analysis:
Trend of Markets and Shopping Malls in Dhaka City
Markets and shopping malls have always helped define a city’s character. Magnificent shopping malls and markets always attract the cities to the people of the surrounding region. Rapid development of infrastructure, availability of all civic amenities, quick access to the latest technological benefits and tremendous growth of business activity has attracted the most ambitious Bangladeshis to migrate here turning it into a bustling mega city. Shopping malls are an integral part of the urban city as they suffice the needs of the civic community.
In the early days after liberation of Bangladesh, the shopping experience was so limited that its unjustified to even call it an experience. There were no malls or even the ‘concepts of malls’ were farfetched, consumers were unaware of brands. Shopping was done mostly during the festival time. At that time limited group of people who were fortunate enough to travel abroad, had some exposure to purchase branded products from shopping malls.
Second generation shopping places grew in order to meet up the changed environment and selections were also far different from what was expected by the consumers. Haphazard growth of innumerable marketplaces and shopping malls over the past decades has transformed the city into a city of shops. Unplanned, uncontrolled developments, compelling changes in land use, mostly participated by the rapid growth of population, increasing industrial and economic activities, and short supply of land have resulted in enhanced demand for planned growth of shopping malls. Eastern plaza, Rapa plaza and Rifles square may be cited as an example of such a trend.
It is very common now a days that the consumers demand easy accessibility, large shops, floor wise proper category allocation of the shop, a layout of the shopping floor which allows light, space and continuity of the shopping experience, pleasant air-conditioned shopping experience, hygiene, safety, not too many number of shops to be confused, packed mixture of amusement entertainment facilities, fixed and affordable price, sufficient parking, uninterrupted supply of electricity, consumer rewards programs, special products, special promotions, season and festival based new products, wider selection of both local and international reputed brands with high quality products and many more… Though the common people in Dhaka have not yet tasted international shopping experience, they are well informed of the current practices around the world. Easy access to internet, satellite TV, cable, travel and tourism has created a craving in the mind of the middle, upper-middle and upper class to get international shopping experience. The new phenomenon of Dhaka at present time is the boom of air-conditioned plazas, arcades and mini malls, which have so far disgracefully failed to meet the demand listed above. The vision and investment plus the infrastructure that are required to be assembled are unprecedented. Jamuna Future Park and its Effect on Retail Consumer Market in Bangladesh
Recognizing the substantial gap that exists for value driven shopping malls, Jamuna group has developed international standard shopping mall to offer consumers trendy, brand driven, safe and value for money shopping at an extremely attractive and affordable price. Here the value driven has been catered due to several lacking on other existing shopping malls in Dhaka city. Inadequate shop space, improper car parking, building management system, power and water supply, higher number of shops in one category, international brands, theme based and conceptual shopping complex ( compared to international shopping arena), consumer pull promotions and offers etc. are the major lacking.
To create an ambiance and narrowing the gap of value driven shopping malls, Jamuna Future Park will amuse the potential consumers not only with shopping delights but also with a massive entertainment package, which includes children theme park, Cineplex, swimming pool, health club, bowling alley, billiard centre, convention centre. JFP’s atriums will host weekly or monthly basis promotion activities like fashion shows, drama, puppet shows, discount sales, cooking shows, a nonstop entertainment package for the consumers.
The Jamuna Future Park will offer contemporary hospitality at extraordinary value in prime city location of Dhaka city. JFP is strategically located at the heart of Dhaka, and easy access to all areas such as International airport & Uttara, diplomatic zone of Dhaka city.
Jamuna Future Park has been built on a grand scale of 33 acres of land adjacent to Baridhara Progoti Sharani, Dhaka. In keeping with the idea of offering great value in the retail environment to its consumers, Jamuna Builders Ltd. has established Jamuna Future Park, Asia’s largest lifestyle shopping and entertainment complex in Bangladesh. Recognizing the substantial gap that exists for value-driven shopping malls, Jamuna Builders Ltd. has developed international standard shopping mall with a view to offering its consumers trendy, stylish, brand driven, safe and comfortable shopping at an extremely attractive and affordable price.
Jamuna Future Park is surrounded by some most planned residential areas of Dhaka city like Gulshan, Banani, Baridhara, Bashundhara, Nikunja and Uttara. Adjacent to this shopping mall, about eighty thousand students’ campus of most of the renowned universities like IUB, NSU etc. have been established. Some other important business and financial installations including the head office of Grameen Phone have also been established in the surrounding area. It is expected that about eighty thousand to one hundred thousand shoppers will rush to this shopping and entertainment complex to enjoy the unique features of the project. Most of the shopping complex and malls in Dhaka city lack adequate space for car parking, open space, void malls, recreational facilities – which have been thoroughly considered in the master plan and development of the project. Arrangement of uninterrupted power supply by own generated electricity, installation of central air condition system of 18500 ton capacity, 5000 car parking spaces, 5 octagon shaped atriums, 7 large void malls with sky light, 118 escalators, 26 spacious lifts, indoor and outdoor children’s theme park with capacity for 2500 children, gymnasium and health club for at a time capacity of 2000 persons, two separate swimming pool for ladies and gents, well-spacious exhibition halls, banquette halls with capacity of 500 persons, international standard Cineplex with 7 individual hall rooms, 22 lines’ bowling alley with facility of karaoke, musical and entertainment floor etc., thousands of brand shops, hundreds of food shops, food outlets and restaurants in different floors and independent food court at 5th floor supportable for dining of 2500 persons at a time, 9 level’s magnificent and grand entry in 4 sides in different levels, spacious ring road encircling total future park, total road networking and traffic control system, independent water treatment plant, live existence of different malls with facility of kiosk, lighting, strong security measures covered by both manual and CCTV camera network in the internal and external network, Automation of electro-mechanical systems from all perspectives, online branch banking and ATM booth in each floor and many other unique and distinctive features around 41,00,000 sft. Built-up area of Jamuna Future Park will definitely make this multi-purpose shopping-cum- entertainment malls a place of attraction for the shoppers, tourists and fun-loving people of the country and of the region.
Regarding monetary transaction in this shopping mall, thousands of people will spend millions of local currency by shopping and enjoying other entertainment facilities. Hundreds of shop owners will do their banking in the online branch banking available in different floors. Thousands of shoppers and visitors will enjoy ATM booth facilities available in each floors of the complex.
Jamuna Future Park will be known as the Platform for local and international Brands in Dhaka city. It is expected that this project will open a new prospective platform for the most renowned international retailers and brands to come to Bangladesh and have a larger regional presence, to explore our markets and compete directly with other international and local brands and products available in the region. Several world renowned international brands have already expressed their desire to open up their outlets in Jamuna Future Park.
Features of Jamuna Future Park
• The Jamuna Future Park (JFP) developed on a Massive scale of 33 Acres (3300 decimal) covering an area of 47000 square meters.
• Jamuna Future Park is located at the multiple intersections of Baridhara, Bashundhara, Gulshan, Banani, Nikunja, Airport and Uttara.
• A magnificent building having 2 basement floors for car parking, 7 floors (including upper basement floor) for shopping mall with multifarious amusement facilities.
• Each floor comprises of about 4,50,000 sft. containing approx 2000 shops with most dynamic and biggest hyper market chain in the upper basement.
• An architectural landscaping has been developed containing an area of approx 16 acres.
• 9 level’s magnificent and grand entry in 4 sides in different levels.
• 5 octagon shaped atriums (30 meter diameter each), 7 large void malls with sky light containing 10 Nos. of Panorama Lift will facilitate plenty of nature light into the Mall area.
• Arrangement of total 118 escalators, 26 spacious lifts and 03 pairs of Conveyor belt will ease shoppers’ movement around the complex area.
• A family entertainment centre containing Cineplex with 7 individual hall rooms.
• Indoor and outdoor children’s theme park with capacity for 2500 children.
• 22 lines’ bowling alley with facility of karaoke, musical and entertainment floor etc.
• Gymnasium and health club for at a time capacity of 2000 persons with facilities of spa and sauna.
• Well-spacious exhibition halls.
• Banquette halls with capacity of 500 persons
• Hundreds of international and local brand shops
• Hundreds of food shops, food outlets and restaurants in different floors and a massive food court and oriental restaurants for catering around 3,000 people at a time.
• A grocery hypermarket of about 50,000 sft. floor area.
• Two separate swimming pool for ladies and gents
• An International franchise hotel chain will be developed in near future for aligning Bangladesh with the international tourism arena.
• Live existence of different malls with facility of kiosk, lighting, strong security measure covered by both manual and CCTV camera network in the internal and external network.
• Online branch banking and ATM booth in each floor of Jamuna Future Park.
• Jamuna Future Park will also gratify the Dhaka city with an international chain hospital.
• Centrally Air-Conditioning system of 18500 ton capacity. HVAC-Hearting Ventilation & Air Conditioning System.
• Total road networking and traffic control system
• Ring Road has been developed around Jamuna Future Park for enhancing the vehicle movement.
• Automated car parking Toll system with the capacity of 5000 parking at a time
• Water supply from deep-tube well, independent water treatment plant and supply of purified drinking water in different floors.
• Fixed/ wireless PSTN Connection facility & Intercom.
• Broadband, wireless, Wi Fi internet Connectivity.
• Automatic Security System with CCTV, Auto Alarm, Surveillance System & Guard Patrolling System.
• Automatic Fire, Explosive and Smoke Detection & Protection System with international standard fire hydrant system
• Auto Powered Generator Plant to ensure uninterrupted Power System with a capacity of 45 Mega watts Self-Electricity Sub-Station.
• External illumination/ lighting at night.
• Lost and Found Desk
• Central mosque inside Jamuna Future Park area.
• Customer loyalty program
• Strict compliance with BNBC Code.
Detail Location
Jamuna Future Park has been built on a grand scale of 33 acres of land adjacent to Baridhara Progoti Sharani, Dhaka.
Jamuna Future Park is surrounded by some most planned residential areas of Dhaka city like Gulshan, Banani, Nike ton, Baridhara, Bashundhara, Nikunja and Uttara. Adjacent to this shopping mall, about eighty thousand students’ campus of most of the renowned universities like IUB, NSU etc. have been established. Some other important business and financial installations including the head office of Grameen Phone have also been established in the surrounding area. ZIA International Airport is just a few minutes’ drive & major Embassies & foreign offices are quarter km walking distances from this project.
Research
I have worked in Jamuna Future Park of Jamuna Group as an intern and have been able to understand the many dynamics of its business environment. On the basis of that, I prepared my report on “Future Prospect of Jamuna Future Park in Bangladesh”
Objectives of the study
The main objective of the study is to gather practical knowledge regarding the current situation of the shopping malls in Bangladesh. There are several shopping malls in our country but most of them are similar to each other when it comes to their standards. Those can hardly be compared with international shopping malls. This practical orientation gives us a chance to co-ordinate the theoretical knowledge with the practical experience. Following are the objectives of this practical orientation:
· To have an overall idea regarding the shopping malls in the country.
· To apply theoretical knowledge in the practical field.
· To observe the working environment.
· To study the relationship of the management with the prospective buyers.
· To recommend the shopping mall in making itself more appealing and effective to its customers based on the findings of the research.
· To acquire in depth knowledge on the functions of the management.
· To identify the competitive position of Jamuna Future Park in Bangladesh.
· To identify weakness & Problems of JFP.
Rationale of the Study
In Bangladesh, shopping malls are an integral part of our culture. Each and everyday, hundreds and thousands of people visit many shopping malls. As a result, through out the whole country, a whole bunch of malls have been built. In Dhaka city, there are quite a number of shopping malls but most of them are of the equal size and offers similar standards and quality of the products. Only one shopping mall, Bashundhara City, which was earlier regarded as the largest mall in the country provides better standard to its customers regarding environment, products and its quality and everything. Till last year, it was seen as the best shopping mall in the town but then Jamuna Group introduced the largest shopping mall in South Asia and named it as “Jamuna Future Park”. But Bangladesh is a small country and such a huge development has been made in it, a question arises whether this mall would be a success in the country. For this reason, I have decided to work on the topic, “Future Prospect of Jamuna Future Park in Bangladesh”. As the Internship program of the university is an integral part of the BBA program, it is obligatory to undertake such task by the students who desire to complete and successfully end-up their BBA degree. This also provides an opportunity to the students to minimize the gap between theoretical and practical knowledge. During the internship program the teachers of the department are attached to actively and constantly guide the students. Students are required to work on a specific topic based on their theoretical and practical knowledge acquired during the period of the internship program and then submit it to the teacher. That is why I have prepared this report
Scope of the Study
This internship report covers the prospect of Jamuna Future Park in Bangladesh. This report has been prepared through discussion with the employees of the firm, the shoppers who would be going there to do shopping and the customers who would be purchasing space in the mall. While preparing this report, I had a great opportunity to have an in depth knowledge about how the management of the mall carry out their activities and how they interact with their prospective buyers of JFP. It also helped me to have a good idea about the shopping malls of the country. Especially, the report covers the following areas:
· Background of Jamuna Future Park.
· My Work Experience.
· Buyers and shoppers perspective over JFP.
Methodology of the Study
The study is performed based on the information extracted from different sources collected by using a specific methodology. This report is analytical in nature. The methodology is as follows.
Population: All the shopping malls, located in everywhere in Bangladesh, have been taken into consideration as population. Special focus is given on Jamuna Future Park Branch where I have completed my internship.
Hypothesis
General Hypothesis
Large shopping malls such as Jamuna Future Park can garner high appeal from most shoppers and has great prospect to be successful and profitable in Bangladesh’s emerging market.
Data Collection Methods
Structured Questionnaire
In this research, structured questionnaire was the major instrument for data collection. The questionnaire, mainly, included closed ended questions. The visited many shopping malls and distributed the questioners among the shoppers who had made visits on that particular day and approached only those people who had both adequate time and willingness to fill out the questionnaires. However, the right beside the respondents to help them out if faced with any difficulties in understanding the questions and the options.
Sampling Techniques
Sampling Method
In this study, I, mainly, used Convenience Sampling for the Conclusive Research. Convenience sampling (sometimes known as grab or opportunity sampling) is a type of non-probability sampling which involves the sample being drawn from that part of the population which is close to hand. That is, a sample population selected because it is readily available and convenient. This method is useful for the students facing time or cost constraints who are also unable to access to a wider population.
This sampling technique is used when a researcher simply stops somebody in the street who is prepared to stop, or when the researcher wanders round a business, a shop, a restaurant, a theatre or whatever, asking people he/ she meets whether they will answer his/ her questions. In other words, the sample comprises subjects who are simply available in a convenient way to the researcher.
Justification behind using Convenience Sampling
I used Convenience Sampling where the cases were selected as they were easiest to obtain or contact. The reasons behind choosing such sampling methods are:
- During internship visited many locations and spent a handsome amount of time in the field so had many minimum difficulties with finding the respondents.
- But the problem was finding the right person to answer and they did not have time usually, many of them did not understand the questions.
Sample size
The surveyed a total of seventy (75) respondents (prospective shoppers) from mainly the Dhaka territory as cannot go outside Dhaka to collect data due to time and budget constraint, with the help of structured questionnaire.
Preparing the Data for Analysis
The analysis of data was carried out using the industry-standard software called SPSS 16.0. However, before analyzing the data the following stages were completed using the software:
Coding Data
The data was recorded using numerical codes. For instance, a numeric value of “1”, “2”, “3”, “4”, and “5”. they were be assigned respectively for the options “Strongly disagree”, “Disagree”, “Neutral”, “Agree” and “Strongly agree”.
Data entry
After the successful creation of the codebook, data from all the filled out paper questionnaires was be entered cautiously using the software.
Data summarization
Data obtained from the survey was then summarized, mainly, using the descriptive statistics.
Data Analysis
After preparing the data for analysis, data was analyzed and interpreted based on the results of such statistical tools as Descriptive Statistical Measures (i.e., Frequency, Percentage, and Correlation etc.), Cross-tabs, Anova test, and Regression etc. In order to understand the big picture of data, graphical representation was also be used. Graphical presentation helped me presenting the data in a variety of visual formats. Thus, it became be easier for me to see the patterns and identify the differences among the results set. For instance, graphs like Pie chart, Bar chart, Line graphs etc have been used as it gives clear and quick understanding.
Data Presentation
The data obtained from the survey was grouped in two major categories—such as “Attitude” & “Expectation”. Then, the data was presented through graphical and numerical presentation using the statistical tools already referred to above.
Presenting Individual Variables
- To show specific values: For summarizing data for individual variables so that specific values can be read, a table (i.e., frequency distribution table) have been used.
- To show the level satisfaction for each variable: Pie and bar charts have been used.
Research Model
Primary Sources
· Face to Face conversation with the respective officers and staffs.
· Interviewing general shoppers and buyers as well as prospective buyers of the space in JFP.
· Sharing practical knowledge of officials.
· Relevant file study provided by the officers concerned.
· In-depth study of selected cases.
Secondary Sources
· Buyers’ list
· Prospective buyers’ list
· Website
· Internet and Study of selected reports.
Limitations of the Study
From the beginning to end, the study has been conducted with the intention of making it as a complete and truthful one. However, many problems appeared in the way of conducting the study. During the study, it was not possible to visit all the shopping malls in the country and take people’s views. It was also not possible to reach all the prospective buyers of JFP. The study considers following limitations:
· A huge number of shoppers’ could not be interviewed.
· Many of the prospective buyers did not give time.
· All the concerned personnel of the organization could not been interviewed.
· Lack of experience.
· The time period for this study was short.
· Inadequacy and lack of availability of required current data.
Recommendations
After conducting the survey, it has been found out that shoppers do have positive attitude towards Jamuna Future Park on the whole but still some recommendations need to be made through which JFP would be able to satisfy the shoppers more efficiently and effectively.
- Shoppers feel that the price of the products and services which they would get from Jamuna Future Park would be expensive which means that it would be difficult for all sorts of people of different income level to purchase products from JFP. JFP must take this issue into consideration and try their level best to ensure that products and services are sold at a reasonable price in the shopping mall which would allow people from all classes to purchase products and services from JFP.
- Jamuna Future Park needs to make some rules and regulations for the shop holders that everyone has to maintain the quality standard of products and services so that people do not have any complain regarding quality standard of products.
- The management of JFP has to be always aware of the fact that shop holders always keep all sorts of products in their shops as because it is a huge shopping mall and if shoppers do not get their desired product or service from there, it would create negative impression about the mall in general peoples’ mind which would ultimately lead to the loss of potential shoppers or customers.
- Jamuna Future Park has to ensure that they possess proper security measures against any sort of accidents like fire, any electrical and electronic failure as it is a serious issue which should be taken into consideration very strictly because it deals with general peoples’ lives.
- The management needs to remember about the surrounding areas of the mall and that those areas are not adversely affected due to the establishments of such a huge thing around them rather people living around are not facing any problems or difficulties which the management has to make sure.
- JFP is a huge mall and the management has to be cautious and aware that each and every single space of the mall are properly taken care of everyday or else the environment in the mall would slowly degrade which would ultimately dissatisfy the shoppers.
- Although JFP has huge car parking space, still drivers are always reluctant to keep their vehicles in the parking slot but rather keep the vehicles beside the road which creates serious traffic jam in the city. JFP has to ensure strict rules that no vehicles would be allowed to be parked in front of the mall or else, it would be difficult for the people to come for shopping which would ultimately create a bad image of the mall.
- JFP should open up new sub-ways in front of the mall so that it becomes easy for the shoppers to come over there and hence that would reduce traffic jam.
Conclusion
At the end, it can be said that people of Bangladesh should be proud of the fact that the largest shopping mall in South East Asia now belongs to our country. It is Jamuna Future Park which has been built in order to create an ambiance and narrowing the gap of value driven shopping malls in the country. It would amuse the potential consumers not only with shopping delights but also with a massive entertainment package, which includes children theme park, Cineplex, swimming pool, health club, bowling alley, billiard centre, convention centre. JFP’s atriums will host weekly or monthly basis promotion activities like fashion shows, drama, puppet shows, discount sales, cooking shows meaning that it would be a place of nonstop entertainment package for the consumers. And a research has been conducted in order to see the Future Prospect of Jamuna Future Park in Bangladesh and it has been found out that people around the country do have a positive feeling and attitude towards the prospect of Jamuna Future Park in Bangladesh although there are some areas where people have some doubts regarding the price of products in the mall and the location but those are the things which JFP is working over to come forward and make the mall more acceptable to the general people and hence my assumed hypothesis that “large shopping malls such as Jamuna Future Park can garner high appeal from most shoppers and has great prospect to be successful and profitable in Bangladesh’s emerging market” can be perceived as a reality by the people of Bangladesh.