Malaysian retail sales rose 62.5% in the second quarter of 2022 (2Q22) compared with the same period in 2021, reaching a new record level, according to latest figures released by independent retail research firm Retail Group Malaysia (RGM).
RGM attributed the 2Q22 results to three main factors: the Hari Raya festival, relaxation of Covid-19 standard operating procedures and the forced closures of many retail shops in May and June last year.
RGM also said that for the first time since the pandemic, all retail sub-sectors achieved positive growth rates during 2Q22 — surpassing market expectations.
On the back of the strong second-quarter performance, the two retailers’ associations are projecting an average growth rate of 61.7% in retail sales for 3Q22.
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