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Retail Market Assessment
Market Assessment and Scoping for a Malaysian Retail Mall
-for one of the prestigious and large REIT with many retail and office projects in Southeast Asia
Research Objective-
To understand the consumers’ lifestyle, purchasing power and behaviour as well as retailers’ sentiment and the impact of COVID-19 on the retail sector especially in the Klang valley in Malaysia. Also, to identify the structural and transformative changes caused by COVID-19 and initiatives that will shape the future of retail malls space across Southeast Asia.
IGMR Solution-
IGMR helped the client with a detailed assessment of the malls in the region under scope as well as in nearby SEA countries. The research included-
- A study of changing consumer trends, in terms of preferences, mall visit patterns, spending, factors considered for mall visit and selection
- An assessment of competitors within SEA countries to uncover the new strategies and developments undertaken to lure customers and fight pandemic – e.g. new lease models, experiential shopping, changes in advertising & marketing practices
- An analysis of rental trade mix at various malls in the region to identify if there is a shift in tenant mix and study of digital applications used by malls to engage with customers
- Uncover the best practices and SOP designed by large malls to maintain hygiene and provide a clean and convenient way of shopping and leisure experience
- Highlight the efforts undertaken by government to stimulate retail sales and recovery of the retail establishments
- During these processes IGMR also provided consultation in adopting best practices for their entry and establishment strategies