Wholesale, retail sectors key drivers
KUALA LUMPUR: Malaysia's wholesale and retail sector is a
significant contributor to gross national income (GNI).
It contributed about RM57 billion (US$16.1 billion) to GNI in 2009 and RM83 billion in 2010, according to Economic Transformation Programme (ETP) annual report 2011.
To achieve the 2020 GNI target, retail will be a key driver of domestic consumption, which in turn, will lead to economic growth.
In this aspect, three strategic themes have been identified to "modernise, globalise and revolutionise" the wholesale and retail business via 13 entry points projects (EPPs).
It contributed about RM57 billion (US$16.1 billion) to GNI in 2009 and RM83 billion in 2010, according to Economic Transformation Programme (ETP) annual report 2011.
To achieve the 2020 GNI target, retail will be a key driver of domestic consumption, which in turn, will lead to economic growth.
In this aspect, three strategic themes have been identified to "modernise, globalise and revolutionise" the wholesale and retail business via 13 entry points projects (EPPs).
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The "modernise"
theme addresses process and system gaps in the way traditional retail operators
manage their businesses.
These include increasing number of large format stores like hypermarkets, superstores and departmental stores, helping small retailers to modernise via Programme TUKAR, as well as modernising and amalgamating various local market formats into large-sized Pasar Komuniti and raising quality and service levels of automotive workshops.
"Globalise" aims to bolster exports of products, services and skills in the retail sector.
Projects under this initiative are to develope 1Malaysia Malls operated by Malaysian players in emerging markets like Vietnam and China, form a virtual mall and facilitate local companies to acquire stakes in foreign retail businesses.
The "revolutionise" initiative is designed to deploy concepts, skills and experience to break new ground in opportunities within the retail sector that have not been fully exploited.
Removing import duties on all finished goods, setting up wellness resorts, organising unified Malaysia sales, intensifying transformation of Kuala Lumpur International Airport into a retail hub and developing big box boulevards are the keys to consider for the theme.
The Business Monitor International (BMI) Malaysia Retail Report for the fourth quarter of last year reported that total retail sales had grown to RM182.44 billion.
A low unemployment rate, rising disposable incomes and a strong tourism industry are key factors behind the growth.
Business opportunities and baseline growth are expected to contribute RM45.2 billion (US$13 billion) to GNI, and create around 226,000 additional jobs.
A total of RM187.6 billion (US$53.6 billion) of private sector funding and investments will be required to capitalise on the business opportunities.
These include increasing number of large format stores like hypermarkets, superstores and departmental stores, helping small retailers to modernise via Programme TUKAR, as well as modernising and amalgamating various local market formats into large-sized Pasar Komuniti and raising quality and service levels of automotive workshops.
"Globalise" aims to bolster exports of products, services and skills in the retail sector.
Projects under this initiative are to develope 1Malaysia Malls operated by Malaysian players in emerging markets like Vietnam and China, form a virtual mall and facilitate local companies to acquire stakes in foreign retail businesses.
The "revolutionise" initiative is designed to deploy concepts, skills and experience to break new ground in opportunities within the retail sector that have not been fully exploited.
Removing import duties on all finished goods, setting up wellness resorts, organising unified Malaysia sales, intensifying transformation of Kuala Lumpur International Airport into a retail hub and developing big box boulevards are the keys to consider for the theme.
The Business Monitor International (BMI) Malaysia Retail Report for the fourth quarter of last year reported that total retail sales had grown to RM182.44 billion.
A low unemployment rate, rising disposable incomes and a strong tourism industry are key factors behind the growth.
Business opportunities and baseline growth are expected to contribute RM45.2 billion (US$13 billion) to GNI, and create around 226,000 additional jobs.
A total of RM187.6 billion (US$53.6 billion) of private sector funding and investments will be required to capitalise on the business opportunities.
Source : Business Times
Date : 4 April 2012
Date : 4 April 2012
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