Mall redevelopment happens all over the world, not just during COVID-19 period.
Have you been to the eCurve mall recently? Another piece of news which was shared by many people would be the closure of eCurve mall by end of March. This is the mall where you could walk over to the Curve mall. eCurve is also the mall where the telecommunications company has their customer service centres. Actually, if one could also walk over to The Curve, it also meant that there are competition to its F&B outlets within eCurve mall.
Well, after all these plus the fact that the number of visitors must have reduced even further due to the MCO, the owner has decided to close it down and do something else with it.
Article in edgeprop.my here. The eCurve shopping mall in PJ has notified tenants that the mall will close for redevelopment effective March 31, 2021. In the media statement, the management of eCurve shopping centre confirmed that after 14 years, the shopping mall will be undergoing redevelopment in keeping with the changes in the environment and in line with the company’s plans for urban rejuvenation.
Jazmi kamarudin, senior general manager of the Curve said, “We would like to state that the redevelopment plan does not involve the Curve, which will continue operating as normal.Article in edgeprop.my here.
Good news or bad news?
Depends on which side we want to look at the situation yeah. To me, this is good news yeah. I know some would point to the fact that many people will lose their jobs since the retail shops will close too. Nevertheless, moving forward, construction companies will benefit, more people would need to be hired and well even the banks get to lend to these redevelopment ideas too. We also know that the owner has some ideas already planned too.
Competition to weaker malls from stronger malls
I disagree with limiting all the new malls and just maintain the current number of malls. We need competition yeah. Imagine if there are no competition, then the parking fee at these super popular malls would keep increasing without fail every year. However, with more malls, then what will happen to some of these malls? It’s competition. When malls fail to get visitors and all the visitors chose another mall instead, then that mall which failed should close down. This is a business environment we are in.
Happy understanding that online will not kill malls. Better malls will kill weaker malls.
Love news like this and more? Sign up for daily investment news updates.
Please LIKE kopiandproperty.com FB page to get daily updates about the property market beyond kopiandproperty.com articles. Else, follow me on Twitter here.
Sign up for KopiWeekly. (only once per week of property, finance, investment news and more)
Next suggested article: More malls in Kuala Lumpur. Beyond the current ones yeah