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13 June 2014

MYDIN EXPECTS MINIMAL GROWTH FOR LOCAL RETAIL INDUSTRY IN 2018

Datuk Ameer Ali Mydin 3

 

SUBANG JAYA: Hypermarket operator and retailer Mydin Mohamed Holdings Bhd expects flattish to minimal growth for the local retail industry in 2018 - but is hopeful that the upcoming General Elections (GE) next year will boost consumer spending. Mydin managing director Datuk Ameer Ali Mydin said the local retail segment has been facing a slowdown - which in turn has had a direct impact on the hypermarket industry. “Per basket sales having been slowing down. If everything remains as it is, it (the retail industry) won’t grow,” he said at the launch of the iMeriah Takaful coverage plan today. “We pray that the upcoming GE, the Government will do something to boost spending,” Ameer added. Sales in the Malaysian retail industry contracted 1.1% in the third quarter on eroding Malaysians purchasing power, according a report compiled by Retail Group Malaysia. For the first nine months of this year, the retail sale growth rate was 1.9%, as compared to the same period a year ago, it said. Meanwhile, iMeriah is a collaboration between AmMetLife Takaful and Mydin Mohamed Holdings Bhd (Mydin), and is available exclusively for eligible Mydin Meriah card members nationwide. The product is a unique and innovative shariah compliant Takaful plan by AmMetLife Takaful, which provides coverage against death with Takaful benefits in the form of goods instead of cash. Mydin Meriah card members who are between 18 and 49 years old are eligible for iMeriah.

 Source : The Star Online