The Edge Daily

The wholesale and retail sub-sectors are expected to grow by about 8% next year in tandem with the promotional efforts to be carried out during Visit Malaysia Year 2007 (VMY 2007), said Deputy Finance Minister Datuk Dr Ng Yen Yen.

"The sectors expanded by 6.3% in the first half of this year, and with the promotions next year, it's expected to be higher," she told reporters after officially opening Metrojaya Bhd's newest department store at Berjaya Times Square in Kuala Lumpur on Nov 21.

She said the country received US$31 billion (RM113.15 billion) from tourists in 2005, and was poised to benefit greatly especially from Asia-Pacific visitors, during the VMY 2007.

Dr Ng added that women shoppers were expected to spend more as a study by MasterCard International showed that by the year 2014, the purchasing power of women in the Asia-Pacific would be US$578 billion (RM2.1 trillion).

From left: Dr Ng, Ahmad and Heng at the official opening of Metrojaya Berjaya Times Square

Meanwhile, Metrojaya Bhd chairman Datuk Ahmad Khairummuzammil Mohd Yusoff said the timing was right to invest in opening more stores given the impetus to attract tourists through VMY 2007 and longer-term policies and initiatives to make Malaysia an attractive shopping destination.

The Metrojaya department store at Berjaya Times Square is the fifth in a chain of lifestyle outlets, joining those in MidValley Megamall and Bukit Bintang Plaza in Kuala Lumpur, Plaza Pelangi in Johor Bahru and Island Plaza in Penang.

By year-end, Metrojaya will have 71 specialty stores in addition to the five department stores covering a total retail space of 1.2 million square feet nationwide.

Metrojaya chief executive officer Robert Heng said any decision to open more new outlets in other major cities must be a commercially sensible one, taking into consideration rental and target market issues.

He said the company was confident that the new outlets slated to open by its financial year ending March 31, 2007 would start contributing positively towards its revenue stream next year.