The brand has collected multiple awards this year and has more plans in the pipeline

PETALING JAYA: While challenges continue to increase within the retail industry, Sunway Malls is on the right track with most of their retail malls reported positive achievements for the year.

According to the statement released by the company, the brand currently has five successful malls under its belt; Sunway Pyramid, Sunway Velocity Mall, Sunway Putra Mall, Sunway Carnival Mall and Sunway Giza Mall.

“During the 1990s, there was a wave of emergence for malls with mixed-integrated developments and Sunway Pyramid is amongst those who opened when the country was affected with the Asian financial crisis,” said Sunway Malls chief operating officer Kevin Tan.

“Through the uncertainties, we persevered, and the mall was recognised as an iconic landmark of Subang Jaya and Selangor. Until today, we are still an iconic landmark thanks to the Egyptian architecture with the Lion-head,” he added.

With a few Sunway Malls in the pipeline in Penang Paya Terubong, Ipoh Tambun, Sunway Iskandar Johor Bahru and further expansion of Sunway Carnival and Sunway Pyramid; Sunway Malls is set to be Malaysia’s largest mall owner and operator.

The group hopes to own and operate 10 malls in the next few years.

Sunway Malls chief operating officer Kevin Tan

The group also celebrated Sunway Velocity Mall’s first anniversary recently. The one-mil-sq-ft mall with an investment cost of RM1.2bil has reshaped the mall landscape in the south of Kuala Lumpur.

“Sunway Velocity Mall opened last year with 75% occupancy, and the mall has grown it to 98% today despite soft market conditions. Not many new malls managed to grow their occupancy this much hence this is a positive sign for us to continue its growth in Kuala Lumpur,” Kevin elaborated.

Currently, Malaysia’s shopping mall industry offers a real estate value exceeding of RM100bil. There were concerns on the oversupply of malls as well as the onslaught of online shopping, but Sunway Malls believes it’s all about planning coupled with the right strategy.

“Never had there been a time in Malaysian mall industry that we are looking at such intense competition. Not only from online shopping but physical brick-and-mortars as well. The growth of urbanisation, rising affluence and especially change in lifestyle will be key catalysts of the industry,” said Kevin.

“Malls today and particularly, malls of the future, will increasingly gain traction as places of congregation and socialisation which goes beyond commerce in a relatively cash rich, time poor society. This ensures the continued relevance and legacy of malls,” he added.

He also noted that the mall industry had changed drastically especially in the last 20 years. Malls will have no choice but to adapt to time and technology or be irrelevant. In essence, today’s malls must transform themselves, or be displaced or replaced.