Retail Industry To Bounce Back Towards Year-End -- MUI Group
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Oct 23 (Bernama) -- The retail industry is expected to bounce back in the remaining months of this year after experiencing weaker market growth in the last two months, said Malayan United Industries Bhd (MUI Group).
Chairman and chief executive officer Andrew Khoo said the retail climate was softer comparatively with customers travelling abroad due to a stronger ringgit while some are holding back spending as they await the yearend festive season.
"We are moving into a busy and festive period (such as Christmas) that most retailers say is the best time of the year.
"So we are expecting a bounceback with increased spending," he told Bernama after launching the Metrojaya flagship concept store here today.
"We are cautiously optimistic that we are on the right track and there will be spending from customers," he said.
As for next year, the group is cautiously optimistic about economic growth with continuous stimulus due to Budget 2025 announcements, he said.
The Metrojaya flagship store at Mid Valley Megamall is a 30,000 square-feet hybrid lifestyle store housing over 51 brands, covering key categories such as fragrance and cosmetics; ladies, gents and kids fashion, accessories, lingerie and the home department.
Khoo said the refreshed shopping experience is a departure from its previous typical departmental store concept.
"During Metrojaya's prime years in the 1980s and 1990s, we were a traffic stopper during sales. Shoppers also looked out for innovative merchandise in the fashion and home departments we brought in.
"After 50 years, we wish to return to that same spirit of innovation with the opening of this new concept store. We will strive to retain a legacy of a retailer with a trusted tradition for quality and yet continue to evolve in a dynamic shopping environment," he said.
-- BERNAMA