Coronavirus lockdown to slash Malyasian retail sales by 61 per cent
The six-week long coronavirus lockdown is expected to slash Malaysian retail sales by 60.7 per cent this month as non-essential stores are forced to close.
Retail Group Malaysia, which calculates data on behalf of the Malaysia Retailers Association, estimates that retail sales for the full year will drop by 5.5 per cent, should the government’s Movement Control Order be lifted at the end of this month. It has already been extended from 18 March until 28 April.
RGM’s MD Tan Hai Hsin told The Edge that the majority of the nation’s retailers are recording zero sales this month. “This has never happened before in history”. While online sales have surged in Malaysia since the coronavirus struck the nation, and consumers are spending more on food and groceries, categories like jewellery, ...