Retail research firm, Retail Group Malaysia (RGM), reported a new high for the country's retail sales of 62.5% in the 2nd quarter (2Q) of 2022.
It is understood to have increased 18.3% year-on-year from the previous 1Q22.
The post indirectly beat the quarterly retail sales forecast set by the Malaysian Retailers Association and the Malaysian Retail Chain Association which is at an average growth rate of 25.7% for 2Q22.
According to RGM, the increase factor was contributed by the Hari Raya celebration as well as the relaxation of standard operating procedures (SOP) and the closure of many retail stores from May to June last year.
Overall, for the first 6 months, the Malaysian retail industry experienced an encouraging growth of 39.2% from the same period last year.
In addition, the retail sub-sector also achieved positive growth in 2Q22 that surpassed market projections.
A summary of the national retail sub-sector sales report is as follows:
The supermarket sub-sector rose 59.7% year-on-year in 2Q22.
Fashion and accessories sub-sector 152.8%.
The baby and children products sub-sector added 65%.
The pharmacy sub-sector achieved 31.5%.
The personal care sub-sector jumped 79.8%.
The furniture, home improvement and electrical and electronics sub-sectors accounted for 81.9%.
Specialty stores sub-sector (photo stores, sporting goods stores, musical instrument stores, optical stores, health equipment stores, arts and crafts stores and direct sales stores) drove 91.2%.
Meanwhile, RGM updated its full-year Malaysian retail industry growth forecast at 31.7% from 13.1% while the Malaysian Retailers Association and the Malaysian Retail Chain Association forecast 61.7% growth for 3Q.
