EP23 Hot Issue - Malaysian Malls are Failing

Malaysian Shopping Malls Association (PPK) said its latest survey showed the majority of malls had only between 10 and 20 per cent of tenants still operating within their premises. As of December 2020, nearly 60 per cent of malls saw 10 per cent of tenants closing permanently but by December 2021. However, 66 per cent of malls are now expecting 10-30 per cent of their tenants to vacate. A recent survey of 94 shopping centres nationwide found that nearly two-thirds of them suffered a 60% to 90% drop in sales during the ongoing lockdown. Coupled with the inevitable decline in visitors and most outlets staying closed, this forced 80% of the mall operators surveyed to enforce pay cuts of 10% to 20%, as well as the withdrawal of annual bonuses and other benefits. How are they sustaining themselves?