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PETALING JAYA: The local retail industry is expected to recover next year, said president of Malaysian Association for Shopping and Highrise Complex Management (PPK Malaysia) Joyce Yap.
Yap said the global retail industry is recovering with the exception of the US and Japan while slower revival could be seen in European countries.
“Asia is still the engine of growth. And when you look at Asia, of course you cannot rule out a country like China.
“And as far as our homeland is concerned, we do see the market picking up, especially last month. It has probably been a little bit slower this month because of the school exams and there are no festivals during this period,” she said.
Yap was speaking to the media on Nov 3 after a briefing about the seminar on “Priceless Gems of Creativity – The Cutting Edge Differentiation” here.
The seminar will be held on Dec 7 and 8 at One World Hotel in Petaling Jaya and would be focusing on creativity and the importance of being a step ahead of competitor.
“Everybody is holding up their money with the announcement of sales beginning Nov 21. Shopping complexes are coming up with special treats for consumers to keep spending. In Malaysia, we are very creative,” she said.
She added that the emergence of new shopping complexes next year would also support the recovery of the local retail industry.
“There are more shopping complexes in the pipeline including in Iskandar Malaysia and the Pudu area,” she said.
Asked about the proposed goods and services tax (GST) by the government, Yap said it would not really affect consumer spending.
She said the GST is something unavoidable but added that the implementation of the tax should be properly executed by the government.
In Budget 2010, Prime Minister Datuk Seri Najib Tun Razak said if the government plans to introduce the GST, the rate imposed would be lower than the current sales and service tax rates.
Najib, who is also Finance Minister, said the GST would then replace the sales and service tax while exemption would be granted to lower-income groups.
He said the government is currently in the final stages of a study on the implementation of the GST, with a focus on identifying the social impact of such a tax.
