Unexpectedly sharp Q3 plunge casts renewed pall on Malaysian retail for 2021 | Malay Mail

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Unexpectedly sharp Q3 plunge casts renewed pall on Malaysian retail for 2021

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KUALA LUMPUR, Dec 7 — Retail sales in Malaysia fell further than projected in the third quarter, due to increased Covid-19 cases nationwide and the restrictions imposed as a response.

Retailers in Malaysia operated with strict social distancing measures under the recovery movement control order during the same quarter a year ago. On the other hand, most retailers were forced to halt or reduce operations during the first half of the third quarter period this year. The report said that another critical period was from July 3 till July 16, when the enhanced movement control order had been enforced in most of Selangor and selected locations in Kuala Lumpur.

Despite being allowed to open during the recent lockdowns, the supermarket and hypermarket sub-sector was still faced with declining retail sales with a negative growth rate of -12.5 per cent during the third quarter of 2021. Retailers in the fashion and fashion accessories sector expect their businesses to revive with a strong recovery of 50.4 per cent in growth rate during the fourth quarter of 2021, as compared to the same period a year ago. This retail sub-sector has the highest estimated growth rate for the next three months.

The RGM first estimated a 0.8 per cent growth rate in retail sale for 2021 but are now revising their projection after taking into consideration the worse-than-expected growth during the third quarter as well as a revision of the fourth quarter estimate.

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