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BUSINESS

Boustead Properties' The Curve restrategises tenant mix to boost footfall

24/07/2022 10:16 AM

By Nur Aimi Mohamed Ghazemy

KUALA LUMPUR, July 24 (Bernama) -- Boustead Properties Bhd, which owns the Curve shopping mall in Petaling Jaya, is enhancing  the tenant mix in the shopping mall to attract more customers, especially those residing in Selangor. 

Chief executive officer Khairul Azizi Ismail said the mall expects monthly average footfall to hit close to one million by year-end compared with the pre-pandemic level of 860,000 in 2019.

Footfall is defined as the number of people entering a shop or shopping mall and is a key metric for how effectively retail premises are drawing customers.

“The Curve currently has more than 220 tenants which include the 22 new tenants that have signed in the first half this year and we are targeting to bring 10 more new tenants by the end of this year.

“Therefore, the occupancy rate should be at approximately 93 per cent by the end of 2022, which shows us making good progress by staying resilient and in bringing value and a unique mall experience for our patrons,” he told Bernama.

Khairul noted that during the pandemic, online shopping became the norm due to mall closures and movement restrictions.

However, he said, Boustead Properties is optimistic as the monthly average footfall has increased with the reopening of the economy and the country’s transition to endemicity.

"Online shopping has not had a significant impact on shopping physically at the Curve. Plus, malls are considered a great place to gather and connect with family and friends," Khairul said.

The company believes the outlook for the retail industry will be bright as it has come out of tough times and expects to finish 2022 on a positive note. 

As the country is still dealing with COVID-19, the Curve is mindful of the challenges for the retail industry that include rising costs and consumer income being affected, which can also impact consumption and purchasing power in 2022.

“Although it has been equally challenging for us, we are focused on adding value and maintaining healthy long-term relationships with our tenants, which include extending a helping hand to our tenants during the tougher times,” he added.

It was reported recently that Boustead Properties' subsidiary Boustead Curve Sdn Bhd inked a document of understanding with K Ecomart Sdn Bhd, a subsidiary of the Korean Malaysia Trade (KMT) Group, as part of its efforts to expand the Curve's tenant mix.

K Plus Food Market flagship store is the anchor tenant at the Curve, occupying about 30,000 square feet of space on the ground floor of the pedestrianised mall, or five per cent of the lettable area which is significant for a single tenancy.

KMT Group chairman Datuk Matthew Lee said it chose the Curve as it envisioned good consumer demand for its South Korean offerings given the location’s easy accessibility in the Klang Valley.

“In addition, we want to establish our Korean grocery concept store as an attractive, must-visit destination for people in the Klang Valley who are fans of Korean culture,” he added.

The flagship store will be carrying a wide range of Korean products, brands and household names where certain fresh foods will be imported from South Korea seasonally as well as it will work together with local suppliers to cater for Malaysian needs.

Lee said the group has plans to expand the Korean grocery concept stores to other locations in the near future.

-- BERNAMA


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