08-13-2021, 02:15 PM
Survey shows 90pc sales drop in Malaysian malls; association predicts more tenants to permanently leave by Dec
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KUALA LUMPUR, Aug 13 — More shopping malls nationwide are facing permanent closure by the end of this year amid the ongoing drought in business caused by the prolonged lockdown, an association of its stakeholders said last night.
The Malaysian Shopping Malls Association (PPK) said its latest survey with Stratos Pinnacle SB showed the majority of malls had only between 10 and 20 per cent of tenants still operating within their premises.
“As of December 2020, nearly 60 per cent of malls saw 10 per cent of tenants closing permanently but by December 2021, however, 66 per cent of malls are now expecting 10-30 per cent of their tenants to vacate.
“Footfall at these malls has decreased to less than 10 per cent to 40 per cent of pre-pandemic levels, indicating footfall had dropped dramatically, ranging from 60-90 per cent. This drop was seen relatively consistent across various shopping malls,” PPK said in a statement late last night.
The Malaysian Shopping Malls Association (PPK) said its latest survey with Stratos Pinnacle SB showed the majority of malls had only between 10 and 20 per cent of tenants still operating within their premises.
“As of December 2020, nearly 60 per cent of malls saw 10 per cent of tenants closing permanently but by December 2021, however, 66 per cent of malls are now expecting 10-30 per cent of their tenants to vacate.
“Footfall at these malls has decreased to less than 10 per cent to 40 per cent of pre-pandemic levels, indicating footfall had dropped dramatically, ranging from 60-90 per cent. This drop was seen relatively consistent across various shopping malls,” PPK said in a statement late last night.
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