PETALING JAYA: Sunway Malls is forecasting a stronger sales performance for the second quarter this year (Q2’22) at 117% compared with pre-pandemic level on the back of better Raya 2022 sales performance, endemic phase transition, improved labour market as well as stronger domestic and external demand.
The mall group operator with seven physical malls and one digital mall saw its sale performance came in above expectations at 143% in April and 110% in May. It expects its performance to sustain at 100% for June 2022.
The sales performance at 117% in Q2’22 is expected to surpass Sunway Malls’ 100% in Q1’22.
Commenting on the projection, Sunway Malls & Theme Parks CEO Chan Hoi Choy (pix) said the high sales performance of Raya in April provided a significant, leading and comfortable start for Q2’22.
“In fact, April’s 143% sales performance is the highest till date and surpassed even January’s 116% during the CNY period. Even if we compared Raya 2022 to Raya pre-pandemic level, it achieved 121%. Definitively, this is a very strong performance however you measured it,” he said in a statement today.
Despite geopolitical tensions and escalating oil prices, transition into endemic phase and international border re-opening shored up Malaysia’s consumer sentiments. Brighter outlook in employment prospect, increased income and boost in domestic demand lifted consumer spending.
Amid the reopening of the economy, consumer-related activities continued to recover with stronger growth as reflected in the retail and leisure-related subsectors. Private consumption which grew at a faster pace of 5.5% in Q1’22 is expected to continue in the coming quarters, supported by higher spending on necessities and selected discretionary items such as restaurants and hotels, recreational services and household furnishings.
“With the Q2’22 forecast, Sunway Malls will see three consecutive quarters of sales performance achieving 100% and more. We had achieved our first quarter of 100% against pre-pandemic level in Q4’21 and repeated the feat in Q1’22. With the latest Q2’22 projection, we are sighting nine months of uninterrupted 100%. Sunway Malls is seeing an accelerated and sustained recovery,” explained Chan.