In its latest Malaysia Retail Industry Report, RGM said retail businesses were hit hard by the numerous lockdowns that were implemented to curb the rise in Covid-19 cases. “In June this year, RGM estimated a 4% growth rate in retail sales for 2021. During the second quarter of 2020, Malaysia’s retail industry suffered a year-on-year decline of 30.9% because of business closures. “Retail performances during the second quarter of this year had been affected by a series of lockdowns,” it said. “Non-essential retailers remained close and Malaysian consumers were asked to stay at home.”For the third quarter of 2021, RGM expects retail industry sales to plunge 15.1%.
