KUALA LUMPUR: Sunway Malls traffic and sales returned to 100 per cent normalcy in the fourth quarter of 2021 (4Q2021), in comparability to the pre-pandemic ranges of 4Q2019.
In an announcement as we speak, the corporate mentioned among the many key drivers aiding the recovery was pushed by robust pent-up demand, festive seasonality, a excessive proportion of the totally vaccinated inhabitants, and de-escalating COVID-19 each day numbers.
The 100 per cent normality recovery in 4Q2021 got here in greater towards the 70 per cent normality recovery in 4Q2020, the mall group mentioned.
Sunway Malls and Theme Parks chief govt officer Chan Hoi Choy mentioned regardless of the seriousness of the headwinds final 12 months, Sunway Malls recorded a recovery stage of 100 per cent in 4Q2021, outpacing its highest recovery price in 2020 which stood at 90 per cent in 3Q2020.
“Ninety two per cent of our retailers reported sales recovery with 32 per cent noticed sales recovery exceeding 100 per cent, which included jewelry, well being and private care, and digital way of life, amongst others.
“Fashion and magnificence classes recovered between 80 and 85 per cent, whereas meals and drinks (F&B) noticed recovery between 85 and 90 per cent,” he mentioned.
Chan additional mentioned that on an aggregated foundation, F&B recovery was barely above non-F&B, which was between 5 and 10 per cent.
He defined that preliminary January 2022 information indicated that the momentum remains to be sustaining effectively with traffic on January 1 being the most effective traffic depend for the previous 22 months.
“The group expects a robust January efficiency. For 1H2022, shopper confidence is predicted to stay sturdy, pushed by gradual pick-up in financial actions and the continuing booster shot price,” he mentioned.
Meanwhile, Chan believes that the Bantuan Keluarga Malaysia money help programme is predicted to present an extra increase to shoppers’ buying energy.
He mentioned that if there have been no severe derailments from present or rising COVID-19 variants, in addition to a complete nationwide lockdown, the initiative ought to pave the way in which for a extra progressive, sturdy, and steady home progress, together with continued retail recovery.
“However, quick time period provide chain scarcity, greater enterprise price and strengthening of the US greenback will weigh closely in the following few quarters, however higher gross home product (GDP) progress and export efficiency will strengthen the ringgit,” he mentioned.
In tandem with stronger GDP progress, the mall group efficiency and recovery is predicted to be progressive with fewer headwinds in line with broader financial indicators enchancment.
“Sunway Malls would proceed its enlargement mode with the event of extra retail house. We have added 500,000 sq. toes (sq ft) retail house enlargement in Sunway Carnival Mall, Penang, which has been 95 per cent leased out and anticipated to open April 1, 2022.
“The group additionally lately introduced plans to construct a mall with a retail house of 700,000 sq ft
in Sunway City Ipoh, which is predicted to be accomplished by 2025,” he added. – Bernama