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