There’s no denying that Malaysians love shopping malls – even if some criticise the abundance of malls in the country. On the other hand, those who can afford it love shopping for luxury items. However, of all the luxury malls in the capital city of Kuala Lumpur, which high-end mall reigns supreme amongst shoppers?
Kenanga Investment Bank recently released a report focusing on the luxury market, surveying the footfalls and sales of several malls in the Klang Valley. In the report, the research house said Suria KLCC and the malls under the Pavilion Real Estate Investment Trust, which include Pavilion Kuala Lumpur, are still the best for luxury shopping. On the other hand, The Exchange TRX mall, which opened to much fanfare, has shown a decrease in visitors and overall sales since its opening in November 2023.
The report noted that several retailers with the TRX mall struggled to meet targets, and most brands generated less than RM1 million in monthly sales. However, Suria KLCC is still a favourite for tourists, as they get drawn to the mall by the iconic landmark of the Petronas Twin Towers. Kenanga said that high-net-worth individuals in the Klang Valley also prefer shopping at Pavilion KL due to its prime location in the heart of Bukit Bintang.
However, that’s not to say there is a lack of crowd at The Exchange TRX because Kenanga reported the mall gets particularly busy during lunch hours. Most of the crowd concentrates on the lower ground floor, where most of the mall’s eateries are. Unfortunately, this foot traffic doesn’t translate to “meaning sales” for luxury brands. The research house also mentioned that the hype for the mall is gradually fading despite housing the Apple Store and Seibu.
It’s worth noting that seasonal factors also play a role in mall sales, as festivals like Hari Raya Aidilfitri and Chinese New Year typically boost spending. Perhaps The Exchange TRX might see another boost in sales once Christmas celebrations roll in – but what are your thoughts on this?
Source: The Edge Malaysia
