IMPORTANCE-PERFORMANCE ANALYSIS IN EVALUATING TENANT LEASE CONTRACT RENEWAL DECISION: SHOPPING MALLS AT CENTRAL BUSINESS DISTRICT
Keywords:
Importance-Performance Analysis action grid, tenant lease contract renewal, shopping mall, Bangkok, ThailandAbstract
This study examined the key factors that tenants consider when they want to renew their lease contract of the shopping malls at central business district of Thailand. The results were from a survey of 146 non-chain tenants. Respondents evaluate the importance and performance of all 35 items derived from reviewing previous studies. This study, then, applied those Likert-type rating scores to an importance-performance (IPA) action grid and used an exploratory factor analysis to identify the underlying structure among those attributes. With Cronbach’s alpha test, all measurement items showed high reliability. The five factors derived from conducting factor analysis were (1) center management operation, (2) empowerment, (3) service quality, (4) responsive behavior and (5) cooperative behavior. The IPA action grid illustrated that management teams should concentrate on factors center management operation and empowerment and should pay low priority to factors responsive behavior and cooperative behavior. The action for factor service quality was to continue with good work. The results of analysis can provide shopping mall management teams a tool to effectively and efficiently allocate their limited resources to satisfy their tenants and to maintain lease contract renewal.
References
Benton, W. C., & Maloni, M. (2005). The influence of power driven buyer/seller relationships on supply chain satisfaction. Journal of Operations Management, 23, 1-22.
Blake, B.F., Schrader, L.F. and James, W.L. (1978). New tools for marketing research: the action grid. Feedstuffs, 50(19), 38-39.
Cai, Y. & Shannon, R. (2010). The Contribution of Salient Mall Attributes to Customer Satisfaction: an Importance-Performance Analysis Across Nations Paper presented at the ANZMAC 2010 Conference Proceedings Christchurch.
Chu, R. & Choi, T. (2000). An importance-performance analysis of hotel selection factors in the Hong Kong hotel industry: a comparison of business and leisure travellers. Tourism Management, 21, 363-377.
Cornwell, T. B., & Coote, L. V. (2005). Corporate sponsorship of a cause: the role of identification in purchase intent. Journal of Business Research, 58, 268-276.
Cranage, D. (2004). Plan to do it right: and plan for recovery. International Journal of Contemporary Hospitality Management, 16(4), 210-219.
Des Rosiers, F., Theriault, M., & Menetrier, L. (2005). Spatial Versus Nonnn-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors. Journal of Real Estate Research, 27(3), 293-320.
Dixit, A. & Stiglitz, J. (2007). Monopolistic Competition and Optimum Product Diversity. The American Economic Review, 67(3), 297-308.
Finn, A., & Louviere, J. J. (1996). Shopping Center Image, Consideration, Choice: Anchor Store Contribution. Journal of Business Research, 35, 241-251.
Galtzlaff, D., Sirmans, G., & Diskin, B. (1994). The Effect of Anchor Tenant Loss on Shopping Center Rents. The Journal of Real Estate Research, 9(1). 99-110.
Getty, J., & Thompson, K. (1995). The relationship between Quality, Satisfaction, and Recomending behavior in Loading Decision. Journal of Hospitality & Leisure Marketing, 2(3), 3-22.
Gerbich, M. (1998). Shopping Center Rentals: An Empirical Analysis of the Retail Tenant Mix. Journal of Real Estate Research, 15(3).283-296.
Giraldi, J. d. M. E., Spinelli, P. B., & Merlo, E. M. (2003). Retail Store Image : Analysis of the implications for store positioning. REAd Special Issue 36, 9, 1-17.
Gundersen, M. G., Heide, M., & Olsson, U. H. (1996). Hotel Guest Satisfaction among business travelers. Cornell Hospitality, 37(2), 72-81.
Hair,J.F., Anderson, R., & Black, W.C. (1995).Multivariate data analysis with readings. New Jersey: Prentice-Hall Inc.
Hallowell, R. (1996). The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study. International Journal of Service Industry Management, 7(4), 27-42.
Hewett, K., Money, R. B., & Sharma, S. (2002). An Exploration of the Moderating : Role of Buyer Corporate Culture in Industrial Buyer-Seller Relationships. Journal of the Academy of Marketing Science, 30(3), 229-239.
Jackson, I. M. (1998). Managing a total quality orientation factors affecting customer satisfaction. Industrial marketing management, 27, 109-125.
Joo, J. (2007). An Empirical study on the relationship between customer value and repurchase intention in korean internet shopping mall. Journal of computer information system. Fall, 53-62.
Kang, G.& James, J. (2004). Service quality dimensions: an examination of Gronroos’s service quality model. Managing Service Quality, 14 (4), 266-277.
Kinley, R., Kim, Y. & Forney, J. (2002). Tourist-destination shopping center: An importance- performance analysis of attributes. Journal of Shopping Center Research, 9(1), 51–72.
Kyle, R. C. (2005). Property management (7th ed.): Dearborn Real Estate Education.
Oakland, J. S., & Oakland, S. (1998). Totla Quality management. 9(4-5), 185-190.
Littrell, M., Paige, R., & Song, K. (2004). Senior travellers: Tourism activities and shopping behaviours. Journal of Vacation Marketing,10(4), 348-363.
MacKenzie, B. (1986). The role of attention in mediating the effect of advertising on attribute importance. Journal of Consumer Research, 13 (September), 174-195.
Martilla, J.A., & James, J.C. (1977). Importance-performance analysis. Journal of Marketing. 41(1), 77-79.
Musa, Z. & Pitt, M. (2009). Defining facilities management service delivery in UK shopping centres. Journal of Retail & Leisure Property, 8(3), 193-205.
Nunnally, J.C. (1967). Psychometric theory. New York: McGraw-Hill Inc.
O’Neill, M.. & Palmer, A. (2004). Importance-performance analysis: a useful tool for directing continuous quality improvement in higher education. Quality Assurance in Education, 12(1), 39-52.
O’Roarty, B., McGreal, S., Adair, A. & Patterson, D. (1997). Case-based reasoning and retail rent determination. Journal of Property Research, 14(4). 309-328.
Oh, H. (2001). Revisiting importance-performance analysis. Tourism Management, 22(200). 617627.
Ramaseshan, B., Yip, L. S. C., & Pae, J. H. (2006). Power, satisfaction, and relationship commitment in Chinese store–tenant relationship and their impact on performance. Journal of Retailing, 82(1), 63-70.
Rasila, H. (2010). Customer relationship quality in landlord-tenantrelationship. Property Management, 28(2), 80-92.
Roberts, J., & Merrilees, B. (2003). MANAGING THE RELATIONSHIP: DOES TRUST LEAD TO COOPERATION? Paper presented at the ANZMAC 2003 Conference Proceedings Adelaide.
Roberts, J., & Merrilees, B. (2007). Multiple roles of brands in business-to-business services. Journal of Business & Industrial Marketing, 22(6), 410-417.
Ruppel, C. P., & Harrington, S. J. (2000). The Relationship of Communication, Ethical Work Climate, and Trust to Commitment and Innovation. Journal of Business Ethics, 25, 313328.
Shilling, J. D. (2001). Real Estate. California Real Estate Principles: South-Western Educational Pub.
Silverstro, R., & Cross, S. (2000). Applying the service profit chain in a retail environment : challenging the "satisfaction mirror". International Journal of Service Industry Management,, 11(3), 244-268.
Sirmans, G., & Benjamin, J. (1991). Determinants of Market Rent. The Journal of Real Estate Research, 6(3). 357-379.
Silverstro, R., & Cross, S. (2000). Applying the service profit chain in a retail environment : challenging the "satisfaction mirror". International Journal of Service Industry Management,, 11(3), 244-268.
Wheaton, W. (2000). Percentage Rent in Retail Leasing: The Alignment of Landlord-Tenant Interests. Real Estate Economics, 28(2), 185-204.
You, T., Lizieri, C., McCann, P, & Crosby, N. (2011). Rental Values in UK Shopping Malls. Urban Studies, 48(8). 1667-1679.
Blake, B.F., Schrader, L.F. and James, W.L. (1978). New tools for marketing research: the action grid. Feedstuffs, 50(19), 38-39.
Cai, Y. & Shannon, R. (2010). The Contribution of Salient Mall Attributes to Customer Satisfaction: an Importance-Performance Analysis Across Nations Paper presented at the ANZMAC 2010 Conference Proceedings Christchurch.
Chu, R. & Choi, T. (2000). An importance-performance analysis of hotel selection factors in the Hong Kong hotel industry: a comparison of business and leisure travellers. Tourism Management, 21, 363-377.
Cornwell, T. B., & Coote, L. V. (2005). Corporate sponsorship of a cause: the role of identification in purchase intent. Journal of Business Research, 58, 268-276.
Cranage, D. (2004). Plan to do it right: and plan for recovery. International Journal of Contemporary Hospitality Management, 16(4), 210-219.
Des Rosiers, F., Theriault, M., & Menetrier, L. (2005). Spatial Versus Nonnn-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors. Journal of Real Estate Research, 27(3), 293-320.
Dixit, A. & Stiglitz, J. (2007). Monopolistic Competition and Optimum Product Diversity. The American Economic Review, 67(3), 297-308.
Finn, A., & Louviere, J. J. (1996). Shopping Center Image, Consideration, Choice: Anchor Store Contribution. Journal of Business Research, 35, 241-251.
Galtzlaff, D., Sirmans, G., & Diskin, B. (1994). The Effect of Anchor Tenant Loss on Shopping Center Rents. The Journal of Real Estate Research, 9(1). 99-110.
Getty, J., & Thompson, K. (1995). The relationship between Quality, Satisfaction, and Recomending behavior in Loading Decision. Journal of Hospitality & Leisure Marketing, 2(3), 3-22.
Gerbich, M. (1998). Shopping Center Rentals: An Empirical Analysis of the Retail Tenant Mix. Journal of Real Estate Research, 15(3).283-296.
Giraldi, J. d. M. E., Spinelli, P. B., & Merlo, E. M. (2003). Retail Store Image : Analysis of the implications for store positioning. REAd Special Issue 36, 9, 1-17.
Gundersen, M. G., Heide, M., & Olsson, U. H. (1996). Hotel Guest Satisfaction among business travelers. Cornell Hospitality, 37(2), 72-81.
Hair,J.F., Anderson, R., & Black, W.C. (1995).Multivariate data analysis with readings. New Jersey: Prentice-Hall Inc.
Hallowell, R. (1996). The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study. International Journal of Service Industry Management, 7(4), 27-42.
Hewett, K., Money, R. B., & Sharma, S. (2002). An Exploration of the Moderating : Role of Buyer Corporate Culture in Industrial Buyer-Seller Relationships. Journal of the Academy of Marketing Science, 30(3), 229-239.
Jackson, I. M. (1998). Managing a total quality orientation factors affecting customer satisfaction. Industrial marketing management, 27, 109-125.
Joo, J. (2007). An Empirical study on the relationship between customer value and repurchase intention in korean internet shopping mall. Journal of computer information system. Fall, 53-62.
Kang, G.& James, J. (2004). Service quality dimensions: an examination of Gronroos’s service quality model. Managing Service Quality, 14 (4), 266-277.
Kinley, R., Kim, Y. & Forney, J. (2002). Tourist-destination shopping center: An importance- performance analysis of attributes. Journal of Shopping Center Research, 9(1), 51–72.
Kyle, R. C. (2005). Property management (7th ed.): Dearborn Real Estate Education.
Oakland, J. S., & Oakland, S. (1998). Totla Quality management. 9(4-5), 185-190.
Littrell, M., Paige, R., & Song, K. (2004). Senior travellers: Tourism activities and shopping behaviours. Journal of Vacation Marketing,10(4), 348-363.
MacKenzie, B. (1986). The role of attention in mediating the effect of advertising on attribute importance. Journal of Consumer Research, 13 (September), 174-195.
Martilla, J.A., & James, J.C. (1977). Importance-performance analysis. Journal of Marketing. 41(1), 77-79.
Musa, Z. & Pitt, M. (2009). Defining facilities management service delivery in UK shopping centres. Journal of Retail & Leisure Property, 8(3), 193-205.
Nunnally, J.C. (1967). Psychometric theory. New York: McGraw-Hill Inc.
O’Neill, M.. & Palmer, A. (2004). Importance-performance analysis: a useful tool for directing continuous quality improvement in higher education. Quality Assurance in Education, 12(1), 39-52.
O’Roarty, B., McGreal, S., Adair, A. & Patterson, D. (1997). Case-based reasoning and retail rent determination. Journal of Property Research, 14(4). 309-328.
Oh, H. (2001). Revisiting importance-performance analysis. Tourism Management, 22(200). 617627.
Ramaseshan, B., Yip, L. S. C., & Pae, J. H. (2006). Power, satisfaction, and relationship commitment in Chinese store–tenant relationship and their impact on performance. Journal of Retailing, 82(1), 63-70.
Rasila, H. (2010). Customer relationship quality in landlord-tenantrelationship. Property Management, 28(2), 80-92.
Roberts, J., & Merrilees, B. (2003). MANAGING THE RELATIONSHIP: DOES TRUST LEAD TO COOPERATION? Paper presented at the ANZMAC 2003 Conference Proceedings Adelaide.
Roberts, J., & Merrilees, B. (2007). Multiple roles of brands in business-to-business services. Journal of Business & Industrial Marketing, 22(6), 410-417.
Ruppel, C. P., & Harrington, S. J. (2000). The Relationship of Communication, Ethical Work Climate, and Trust to Commitment and Innovation. Journal of Business Ethics, 25, 313328.
Shilling, J. D. (2001). Real Estate. California Real Estate Principles: South-Western Educational Pub.
Silverstro, R., & Cross, S. (2000). Applying the service profit chain in a retail environment : challenging the "satisfaction mirror". International Journal of Service Industry Management,, 11(3), 244-268.
Sirmans, G., & Benjamin, J. (1991). Determinants of Market Rent. The Journal of Real Estate Research, 6(3). 357-379.
Silverstro, R., & Cross, S. (2000). Applying the service profit chain in a retail environment : challenging the "satisfaction mirror". International Journal of Service Industry Management,, 11(3), 244-268.
Wheaton, W. (2000). Percentage Rent in Retail Leasing: The Alignment of Landlord-Tenant Interests. Real Estate Economics, 28(2), 185-204.
You, T., Lizieri, C., McCann, P, & Crosby, N. (2011). Rental Values in UK Shopping Malls. Urban Studies, 48(8). 1667-1679.
Downloads
Published
30.06.2016
How to Cite
พาณิชย์ปฐม ส.; เมธาภิรักษ์ เ. IMPORTANCE-PERFORMANCE ANALYSIS IN EVALUATING TENANT LEASE CONTRACT RENEWAL DECISION: SHOPPING MALLS AT CENTRAL BUSINESS DISTRICT. RMUTT Global Business and Economics Review, Pathum Thani, Thailand, v. 11, n. 1, p. 90–107, 2016. Disponível em: https://so03.tci-thaijo.org/index.php/RMUTT-Gber/article/view/241977. Acesso em: 18 jul. 2024.
Issue
Section
Research Articles
License
บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของผู้นิพนธ์
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับมหาวิทยาลัยเทคโนโลยีราชมงคลธัญบุรี และคณาจารย์ท่านอื่นๆในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว
