During 2016, the growing sophistication of Malaysia consumers drove them to look for unique products, especially with their rising exposure to international brands and trends via the internet and overseas travel. Unfortunately, this drew consumers away from mixed retailers. The increasing expectations of an attractive retail experience also led consumers to boutiques, especially when purchasing luxury goods.
AEON Co (M) Bhd led mixed retailers with a 22% value share in 2016 due to its strong position in department stores. Targeting mainly mass consumers, the retailer’s portfolio is oriented more towards mid-priced brands and this helped it to attract consumers amidst softening economic conditions in 2016.
Mixed retailers is expected to continue registering positive growth over the forecast period, although this growth is set to be considerably slower than the 7% value CAGR recorded in the channel at constant 2016 prices over the review period. This slowdown is set to stem from the channel returning to stability after the aggressive expansion of the leading department stores in the country during the review period, which inflated growth rates in the channel. The convenience of been able to obtain a wide variety of products under one roof is set to continue contributing to the positive performance of mixed retailers during the forecast period. It is thus expected that the product portfolios of most of Malaysia’s leading mixed retailers will expand as these retailers seek to cater to the needs of more consumers, not least because the country’s younger consumers are starting to prefer non-grocery specialist retailers in search of unique products and higher quality.
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This industry report originates from Passport, our Retailing market research database.