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13 June 2014

MYDIN SEES TOUGH TIMES AHEAD FOR RETAIL SECTOR

 

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Smart partnership: Ameer (left) and Noor Azam at the launch of the iMeriah Takaful. AmMetLife Takaful and Mydin has teamed up to offer iMeriah for eligible Mydin Meriah card members nationwide.

 

SUBANG JAYA: Hypermarket operator and retailer Mydin Mohamed Holdings Bhd expects the erosion of consumer purchasing power to continue weighing on the local retail industry. Managing director Datuk Ameer Ali Mydin, who predicts challenging times ahead for the industry, said the hypermarket segment, which mainly targets the low to middle-income group, is already affected. “The retail business is down and so is the hypermarket segment and this is scary,” he told reporters after the launch of the iMeriah Takaful coverage plan. AmMetLife Takaful and Mydin has teamed up to offer iMeriah for eligible Mydin Meriah card members nationwide. “It’s scary because the hypermarket segment caters to the low to middle-income group and if they can’t afford to buy things, then it will have an impact on our economy.” Ameer said “per basket purchases” within its stores had been going down. “This shows that people don’t even have money to spend on necessities. When there is a slowdown, customers start cutting down on things that they don’t need. Necessities such as groceries don’t usually go down.”

 

Source :  The Star Online