Malaysia’s retail sector continues to show resilience as Sunway Malls, the country’s leading mall operator, projects steady growth despite broader economic uncertainties. The company reported a 5% year-on-year increase in 2024 and anticipates maintaining this momentum through 2025, even as international organizations revise Malaysia’s GDP forecasts downward. CEO Chan Hoi Choy emphasized that shopping malls serve as key indicators of economic health, with transaction volumes reflecting consumer confidence regardless of spending levels.
Sunway Malls’ performance has consistently surpassed national GDP growth over the past 20 years, supported by strategic expansions and high foot traffic. The group’s Klang Valley locations account for 67.2% of its total retail space, while upcoming projects in Port Klang and Ipoh will further strengthen its nationwide presence. A major boost is expected from the reopening of Sunway Carnival Mall in Penang this May, following extensive renovations.
The company recently unveiled Sunway Square Mall, its 10th property, which has already secured a 95% occupancy rate ahead of its September launch. Spanning 300,000 square feet, the mall is part of a larger integrated development featuring corporate offices, educational institutions, and cultural venues. Chan highlighted the advantages of its location, with over 60,000 university students and 10,000 office workers in the vicinity ensuring strong foot traffic.
Looking ahead, Sunway Malls plans to expand through new developments and potential acquisitions under Sunway REIT. With two additional malls set to open in 2027, the company remains optimistic about long-term growth despite short-term economic challenges. The retail giant’s ability to outperform broader economic trends underscores its dominant position in Malaysia’s commercial landscape.