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According to data from the Malaysian Retail Chain Association (MRCA), the Malaysian retail industry is expected to grow by 3.3% to 3.5% in 2024. Deputy Chairman Datuk Kempan said this was a relatively mild and conservative estimate considering the increase in sales and services tax, rising raw material costs and geopolitical issues.
Although Bank Negara forecast GDP growth of 4.0% to 5.0% next year, they decided to retain this estimate. The retail industry will grow in tandem with GDP this year. GDP grew by 3.9% in the first three quarters, and is expected to achieve 4% or higher growth throughout the year. Food and beverage kiosk and store operators are expected to grow 10.4% in the third quarter.
Meanwhile, retail management software company Web Bytes Sdn Bhd has signed a memorandum of understanding with E3 Capital Sdn Bhd, which operates entrepreneur community platform E3Hubs, to accelerate the digital transformation of E3Hubs’ restaurant entrepreneur members by providing them with scalable cloud-based technology.
(Source: Bernama Image source: freepik)
