Special Report
8
Slow Retail Recovery Expected in 2021 The Bumiputera Retailers Organisation (BRO) which has 51 members and 6 affiliate members, is the voice of Bumiputera entrepreneurs in the retail and wholesale industry while the Malaysia Retailers Association (MRA) is a recognised representative of the retail industry by the Ministries and other authorities. It also represents some of the largest retail companies in Malaysia. It has 140 members. Datuk Wira Dr Ameer Ali Mydin, President of BRO and Vice President of MRA gives an overview of the industry and how its members are coping with the current economic situation.
How is the organisation helping the members overcome the current situation? As the voice of the organisation, we highlight issues and concerns of all our members through memorandum submissions to the government to seek solutions for short and long business development. What is the estimated number of members who have ceased Malaysia Retailer Vol 8 No 4
business operations and the number of people who have lost their job? Many of our members are deeply affected by the pandemic and are consolidating to either close or downsize their business operations. With the expectation of more store closures in the retail business, unemployment will increase and salary cuts will continue until the end of this year.
Many retailers saw a 35% to 50% decline in footfall in October and November, while sales fell by almost 70% to 80%. The third quarter of 2020 saw footfall recover to almost 75% of the pre-MCO level, while sales stood at 60% to 70%. Many retailers, including shopping malls and hypermarkets, employ about 450,000 people in total. We foresee a layoff of about 60,000 people by the end of this
