PETALING JAYA: Some 687,000 sq ft of retail space in the Klang Valley was absorbed over the third quarter and helped improve average occupancy by a marginal 0.53% to 86.15%. The property market report by DTZ Research for the third quarter (3Q) also said that notable leases announced included a Metrojaya specialty store at Avenue K of 68,000 sq ft and another outlet of 115,000 sq ft at Berjaya Times Square.
On the supply side, several hypermarkets were completed, including Tesco Ampang at Pandan Jaya, Carrefour at Kepong and Mydin Mall at USJ, bringing the total additional net retail space to 598,000 sq ft.
New malls to be completed include the largest Jusco (Aeon) store in Southeast Asia at Bukit Tinggi, Klang, with a net lettable area of 750,000 sq ft, as well as Tropicana Mall in Damansara Intan, Petaling Jaya, with a net lettable area of 380,000 sq ft.
Jusco also opened a second JOne outlet — its supermarket format — at Pearl Point, Old Klang Road, with a net lettable area of 30,000 sq ft. This comes on the heels of its successful first JOne outlet in Damansara Damai.
However, the report noted that Makro, the wholesale cash and carry operator with eight outlets nationwide, announced that their Malaysian operation was up for sale.
On the fashion front, Louis Vuitton launched a 6,000 sq ft flagship store in Starhill Gallery, Kuala Lumpur, in conjunction with the brand’s 21 years of operations here.The second quarter of the year saw consumer sentiment recovering slightly despite household worries about inflation. The DTZ Research report said the Consumer Sentiment Index rose above the threshold 100 points to 104.2 after tanking at 90.1in the first quarter.
The report also noted that consumer spending remained cautious despite the strong economic performance of 5.7% for the first half of the year.
“Consumer spending may cool for the rest of the year. Households continued to be worried about the rising cost of living and have delayed major spending plans,” the report said. – By Thomas Huong
Source : SUN
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