Situation improving: People visit a mall in Penang. According to Knight Frank, the cumulative supply of retail space in Penang stands at 7.07 million sq ft as of the first half of 2020.
PETALING JAYA: The Penang retail property market, which has been severely hit by the Covid-19 pandemic, may only recover fully next year.
However, the state’s retail sector is already seeing an improvement in shopper traffic since the lifting of the movement control order (MCO), which was implemented from March 18 to May 3, said CBRE | WTW director Peh Seng Yee. (pic below)
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