Key Success Factors of a Shopping Mall Project: Creditors Perspective in Serbia

  • Željko Spasenić University of Belgrade, Faculty of Organizational Sciences, Serbia
  • Dejan Petrović University of Belgrade, Faculty of Organizational Sciences, Serbia http://orcid.org/0000-0001-6900-8842
  • Slađana Benković University of Belgrade, Faculty of Organizational Sciences, Serbia

Abstract

Research question: The study researches the key success factors of a shopping mall project (SM) from the perspective of creditors in Serbia. Motivation: In Serbia, the retail landscape has seen a continuous increase in the number of SMs over the recent years. To support further development, project finance (PF) plays a significant role as an adequate financing structure for such projects. Idea: Existing knowledge highlights the importance of different factors for the sustainability of SM operation in the long run, describes their impact on project success, or offers potential solutions to a specific business problem. On the other hand, a question may be raised regarding the creditor’s ability to assess the quality of different investor decisions when deciding to finance a concrete project. Data: Research is based on the review of papers published in relevant international journals, while the presented case study is a real-life example from banks’ business practice. Relative significance of different factors from the creditors’ perspective was established and confirmed by means of a survey among bank professionals. Tools: Research findings are derived from a case study and simple empirical research conducted among bank professionals in Serbia. Findings: Results show that the most important elements of the project strategy which creditors consider relevant for project success in the long run are location and tenant mix. Contribution: Research results contribute to a better understanding between investors and creditors and may shorten the time needed for the credit approval process.

Author Biographies

Željko Spasenić, University of Belgrade, Faculty of Organizational Sciences, Serbia

Zeljko Spasenic is a PhD candidate and teaching assistant at the Faculty of Organizational Sciences, University of Belgrade. His research interests are related to corporate finance, business analytics, project finance, and credit risk management. Prior to his engagement at the Faculty of Organizational Sciences, he worked as a risk manager in Erste Bank, UniCredit Bank, and Societe Generale Bank. He has experience as a credit risk manager overseeing structure finance deals, project finance deals, and the financing of renewable energy sources. After the banking industry he gained experience as ERP application consultant and digital transformation consultant in various industries.

Dejan Petrović, University of Belgrade, Faculty of Organizational Sciences, Serbia

Dejan Petrović is a Full Professor and Head of Department of Management and Project Management at the Faculty of Organizational Sciences, University of Belgrade. He is also a visiting professor at several universities in the country and abroad. His research interests include management, project management, strategic management, project appraisal and change management. He has been a consultant for a wide variety of public and private organizations, and he has published books and articles in refereed journals.

Slađana Benković, University of Belgrade, Faculty of Organizational Sciences, Serbia

Slađana Benković, PhD. is a professor at the Faculty of Organizational Sciences at the University of Belgrade, and head of the Financial Management and Accounting Department. She published over 100 articles and papers in international and national conferences, monographs, and highly ranked journals. Professor Benković was a scholarship holder of the US and UK Government, and during 2013 – 2019 a member of the Finance Committee of the University of Belgrade. Her research interest focuses on the financial management, budgeting, controlling and financial technologies. She was engaged in numerous scientific and research, national and international projects, and conferences.

Published
2022-05-11
How to Cite
Spasenić, ., Petrović, D., & Benković, S. (2022). Key Success Factors of a Shopping Mall Project: Creditors Perspective in Serbia. Management:Journal Of Sustainable Business And Management Solutions In Emerging Economies, . doi:10.7595/management.fon.2022.0006
Section
Articles