Big Shopping Centers CEO: "Most Malls Are Old Products, We're Here for Evolution"
Chi Galis, CEO of Big Shopping Centers, declared at the Globes and Bank Leumi Real Estate Conference that most existing malls are outdated and lack adequate parking, positioning them for obsolescence. He likened the potential disruption in the retail real estate sector to innovations in cars, computers, and phones, suggesting new, modern centers will attract consumers.
Galis highlighted the success of Big's Glilot center, which he described as a "winner" that has "caused an earthquake" in the market, drawing 20,000-25,000 visitors on weekdays and over 40,000 on weekends. He emphasized Big's competitive strategy, stating, "We came to compete, not to a clean field. Competition is good." The company employs significant advertising budgets and a strong influencer team to achieve its goals.
Addressing controversial marketing tactics, such as placing signs near competitors to direct customers to Big centers, Galis defended the approach as a necessary part of changing consumer habits. He compared himself to a "Maccabi player" (referring to the sports club known for its winning mentality), asserting that Big aims to win by any means within legal boundaries, even if it means encouraging customers to travel a few extra minutes.
Big Shopping Centers is expanding, with plans for new centers in Petah Tikva, Ness Ziona, and Ashkelon, aiming to create "a different and upgraded experience." Galis also noted that Big opened its Glilot center on Saturdays, attracting 43,000 visitors, and stated the company believes in a "live and let live" philosophy, adapting its operations to local sensitivities, such as not opening on Saturdays in cities like Be'er Sheva.
Galis also revealed that Big temporarily closed its centers during the judicial reform protests, a decision he believes was necessary for a significant Israeli company to voice its concerns about potential risks to the country's direction and its own assets. He mentioned that about half of Big's operations are in Eastern Europe, including Serbia, Montenegro, and Poland, where the company has established itself as a local entity over nearly two decades.
