Abstract
In the consumerist world, there is an ever-increasing demand for consumption in urban life. Thus, the demand for shopping malls is growing. For a developer, site selection is an important issue as the optimal selection involves several complex factors and sub-factors for a successful investment venture. Thus, these tangible and intangible factors can be best solved by the Multi Criteria Decision Making (MCDM) models. In this study, optimal site selection has been done out of multiple alternative locations in and around the city of Kolkata, West Bengal, India. The Fuzzy Analytic Hierarchy Process (FAHP) and Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (FTOPSIS) has been applied for shopping mall site selection. The AHP is used to obtain the crispified weight of factors. Imprecise linguistic terms used by the decision-maker are converted to Triangular Fuzzy Numbers (TFNs). This research used integrated sub-factors fuzzy weights using FAHP to FTOPSIS for ranking of the alternatives. Hardly any research is done with the use of sub-factors. In this study, seven factors and seventeen sub-factors are considered, the authors collected data from different locations with the help of municipal authorities and architects. This work further provides useful guidelines for shopping mall selection in different states and countries.
Highlights
Shopping malls can be considered as one of the most important growth points for Business strategies.There exist multiple factors which are responsible for a decision-maker (DM) to select the optimal site for shopping mall construction
As several factors influence the selection of the best site, it can be considered as an application of Multi Criteria Decision Making (MCDM)
The Technique of Order Preference by a Similarity to Ideal Solution (TOPSIS) developed by the authors of Reference [2] is a logistic approach to select the best alternatives in real life problems, when several conflicting qualitative and quantitative criteria exist for the evaluation
Summary
Shopping malls can be considered as one of the most important growth points for Business strategies. As several factors influence the selection of the best site, it can be considered as an application of Multi Criteria Decision Making (MCDM). The Technique of Order Preference by a Similarity to Ideal Solution (TOPSIS) developed by the authors of Reference [2] is a logistic approach to select the best alternatives in real life problems, when several conflicting qualitative and quantitative criteria exist for the evaluation. The idea of this technique is that the best alternative is closest to the positive ideal solution (PIS) and farthest from the negative ideal solution (NIS). The use of fuzzy set theory with the MCDM technique enables the decision-making problem to deal with vagueness and uncertainty
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