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Rents still heading up but sales productivity is treading water Sales productivity is still marooned: at Simons domestic malls and premium outlets, specialtyretailersales per square metre were $7951 in 2024, down from $8016 per square metre in 2023. They are getting good reviews.
The retail industry in Malaysia has struggled during Covid, but shopping centre Pavilion in Kuala Lumpur has continued to find a way to reach consumers. Here, we chat with CEO of retail, Dato’ Joyce Yap, about the future of malls and how sector have evolved in the past year.
There’s no denying that the pandemic created the perfect conditions for online retail. A combination of more time at home, more time spent online, and shop closures meant that online purchases rocketed. Online retailsales showed exceptionally large growth over the main lockdown periods of 2020 and 2021. People power.
Although many new product companies are finding success selling on Shopify or Amazon, online sales still only represent 20% of all retailsales, whereas offline channels like brick-and-mortar locations, catalog, TV Shopping and Reward and Incentive markets represent 80%.
The retail industry has always been competitive, but the last few years have been more challenging than ever. People’s shopping habits have evolved dramatically and consumer expectations continue to increase. All the while, retail profit margins are shrinking. Ecommerce and online shopping have been around for a while now.
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