Retail, hospitality sectors may see 15-20% closure

KUALA LUMPUR (May 9): The retail and hospitality sectors were among those that have been badly hit as travel had come to an almost complete halt due to Covid-19, The Edge reported today.

Retail Group Malaysia managing director Tan Hai Hsin estimated that retail store casualties will hit 51,000 by next January.

“After the Movement Control Order is lifted, it will take time for retail businesses to recover as we expect consumer spending to take some time to return to the same buying momentum as last year. We can expect about 15% of the total retail supply, or at least 51,000 stores, to close down or be wound up in Malaysia within the next six to eight months,” Hai Hsin told The Edge, adding that only the fittest will survive.

The hospitality sector had not been spared. President of the Malaysian Association of Tour and Travel Agents (Matta) Datuk Tan Kok Liang is expecting many of its members to fold.

Read the full report in this week’s The Edge Malaysia

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