TRX shopping center attracted attention from the entire city at the opening, but now some industry insiders have found that high foot traffic may not necessarily translate into high sales.
After conducting on-site research, the Kenargi Investment Bank research cohort released a report today indicating that although the TRX shopping center's opening effect is good, the foot traffic does not necessarily result in higher sales of luxury brands.
Analysts said, "When the mall first opened in November 2023, it attracted a large number of shoppers who flocked to explore the newly launched luxury brands."
"However, most retailers in the shopping center now believe that the previously hyped popularity is gradually fading, leading to a significant decrease in the number of shoppers visiting the store."
Retailers interviewed also pointed out that during the busy lunch hours, the foot traffic concentrated on the lower dining floor of the mall does not directly drive sales of luxury brands.
The survey results also show that the sales volume of luxury brands in the mall has been declining since mid-2024.
"This is mainly attributed to seasonal factors, as there are no festive events like the Lunar New Year or Eid al-Fitr during this period to effectively stimulate consumption."
From a pricing perspective, the speed of price increases for luxury brands has also slowed down, as retailers are now adopting more cautious pricing measures to maintain competitiveness and attract sales in the current economic environment.
The survey found that the price increases of the respondents mainly ranged within 5%.
The appreciation of the Ringgit has adversely affected sales volume.
In addition, interviewed retailers also mentioned that affluent consumer cohorts tend to choose to purchase luxury goods abroad when the ringgit is strong, further...

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