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Malaysia retail sales tipped to grow

Retail sales in Malaysia are expected to grow 6.4 per cent to 94.4 billion ringgit ($28.6 billion) by the end of the year.

That’s up from last year’s 5.5 per cent growth to 88 billion ringgit.

And according to RGM Retail Group MD Tan Hai Hsin, the growth is in line with the gross domestic product which is projected to rise up to six per cent this year.

“Usually retail sales moves in relation to the GDP’s growth. It is about one per cent or two per cent higher that GDP. That is our barometer,” said Hsin.

He said Malaysian shoppers are becoming savvier as they seek more information about a product from the retailer’s website as well as social media.

“Retailers who want to stay competitive need to keep up with this new trend in order to be able to engage and capture their customers effectively,” he said.

He also said increasing number of consumers are using smartphones and tablets to shop.

Online sales, this year, will account for three per cent of the country’s total retail sales, he said.

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