Covid-19: Malaysian retail sector posts worst performance since 1987 global recession
Monday, 13 Jul 2020 01:05 PM MYTA general view inside the Pavilion Shopping centre during the third phase of the movement control order April 16, 2020. — Picture by Hari Anggara
“This year has been the worst period for retailers in Malaysia since 1987. The retail market turned into a bloodbath in the middle of March with the implementation of movement control order ,” the group said. Retail sales grew at a modest rate of 3.8 per cent in the fourth quarter of 2019, while private consumption grew at a much slower pace in the same period, at just 6.7 per cent.“This partial lockdown in the last two weeks of March led to zero revenue for non-essential retailers in the whole country,” the report said.
Fashion and fashion accessories retailers topped the worst performers by sub-sectors, shrinking by a staggering -30.5 per cent, the MRA report found.
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