KUALA LUMPUR: Boustead Ikano Sdn Bhd is confident that MyTOWN Shopping Centre’s occupancy rate will grow to 95 per cent by May this year from 92 per cent currently, despite stiff competition with other shopping centres.
Boustead Ikano centre manager Mohd Azhan Che Mat said the company was in the midst of finalising a few more deals with new tenants, while the existing ones would remain in their respective businesses until the next tenancy renewal in 2020.
He said although MyTOWN may not be as big as Pavilion Kuala Lumpur, or offered office spaces like Sunway Velocity Mall and EkoCheras Mall, and would face competition from Tun Razak Exchange in 2020, it was lucky to have IKEA as its anchor tenant, which features the furniture chain’s biggest outlet in Kuala Lumpur.
“We also have about 15 tenants, which have their specialty products selling for the first time in a mall, and restaurants, including Gajah Mada, Burger Lab and Mighty Monster.
“The mall also includes VAR Live Malaysia, the largest Virtural Reality (VR) theme park in Malaysia, and EnerG X Park, Asia’s largest indoor extreme park.
“You cannot find these outlets in other malls. This is what makes us unique to our customers,” he told Bernama.
Boustead Ikano is a joint-venture between Boustead Holdings Bhd and Ikano Retail Asia. MYTown was developed by Boustead Holdings and Ikano Pte Ltd.
Mohd Azhan said the mall’s sales were expected to increase between 22 and 25 per cent this year, in line with the higher footfall (number of individual customers walking-in) recorded, which was up 45 per cent in the fourth quarter of 2018, compared with the second and third quarters.
He said the mall was expecting another 10-12 per increase in footfall due to its link to the Cochrane Mass Rapid Transit (MRT) station and increased advertising activities, including advertisements in MRT coaches.
However, Mohd Azhan could not disclose the sales value recorded last year.
Asked on consumers’ sentiment as the prices of products and services had increased, he admitted that it was something that could not be avoided, but 2019 would be a better year for consumers as some uncertainties, like the general election had passed and the re-implementation of the Sales and Services Tax proved to be stable.
“With the oversupply of shopping centres around, today’s consumers have more choices. We will continue to keep up with the challenge of staying unique, as well as organising special events with our tenants and maintaining the quality of our facilities to attract customers,” he said. – Bernama
Mohd Azhan advised local retailers who would like to remain relevant in the market to ensure that their products and services were suitable for their target market, and the necessity of catching up with digital marketing.
“As we move towards digitalisation, retailers today should also have their own mobile apps. They also need to understand the demographics of the population, their target market and who they want to be their business partner moving forward,” he added.
On the upcoming Chinese New Year celebration, MyTOWN will feature a series of performances called “Rhythm of Spring” and hold various activities from Jan 18 until Feb 19.
It is also organising a Miss Little Peony Competition for young girls aged five to 10, with a chance to win up to RM3,000 worth of prizes.
MyTOWN has about 250 tenants with over 400 stores and a net lettable area of 102,193 square metres. – Bernama
