Retail Malaysia. Positive growth for 2Q 2021. Do not just read title yeah, read the full article for the numbers and comparison.
March 2020 was a bleak period for retail Malaysia
Hopefully, the periods of March 2020 to September 2021 would not repeat for retail industry in Malaysia. Okay, in between the period, we did have many good months where there were no lockdowns. However, it’s a tough period for many retail store owners including even my own relative who has a place in 1Utama. When the lockdown started in March 2020, everything just plunged. Suddenly no one was allowed to go to the malls.
Retail Malaysia will be boosted by inter-state travel
Now we are in October 2021 and it has just been announced that we are very close to inter-state travel restrictions being lifted. Read here for more details about what’s really happening and all the numbers related to Covid-19 and of course vaccinations too. The good thing is, 2Q 2021 was a positive one for the retail industry. Why was it positive? Well… it was compared to the same quarter last year.
Article in theedgemarkets.com The Malaysian retail industry recorded a positive growth rate of 3.4% in retail sales for the second quarter of 2021, from a 30.9% contraction a year earlier.
RGM explained that the positive growth rate during the quarter under review was due solely to the low base effect a year ago.
Moving forward, RGM said that Malaysia Retailers Association (MRA) and Malaysia Retail Chain Association (MRCA) project an average contraction 15.1% during the third quarter of 2021.
After a temporary rebound, the department store operators are expecting their businesses to decline with a negative growth rate of 11.2% for the third 3-month period of this year, it said. Do read the full article here: Article in theedgemarkets.com
Shops are not going to let go their prized location yeah
Please feel free to go to any POPULAR mall and ask the POPULAR shops if their sales are down versus the time before Covid-19 arrived and their answer is a definite Yes. Then ask them, why they do not just move away and give up the spot and go somewhere else? The answer is also a simple one. If they let it go, they are not going to get it back when times get better.
Not just shops but offices too
We can go ask the multinational companies which are occupying those popular office buildings where half of their people are working from home or even if majority of their people are working from home. Why don’t they just move out and later on move back again or move somewhere else? After all, office space is said to be increasing by most reports. The decision is based on long term yeah, not because staffs are working from home for now.
By the way, many technology companies are asking the staffs to go back to office. Here’s the news. New norm is working from home?
Do visit the mall to feel what I felt yeah. The crowd is definitely starting to swell again. That’s good vibe. As for 3Q 2021, let’s be realistic too. It was a lockdown period. If it’s a big positive number, something’s wrong with the numbers. Happy shopping, again.
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