KUALA LUMPUR: Home improvement retailer Mr DIY Group Bhd is confident of achieving its target to open 175 stores nationwide this year, despite the challenging economic environment due to the COVID-19 pandemic.
Chief executive officer Adrian Ong said the group's optimism stemmed from the expectation that the strong buying demand from customers would remain intact, especially with the easing of the Movement Control Order and reopening of more economic sectors.
"We have no plan to reduce the number of our stores, in fact, we are doing quite the reverse. We have added about 93 stores in the first half of the year, as we target to add 175 stores for the full year. We will continue to add stores this year once conditions allow us to do so.
"However, during this period of lockdown, obviously, we have not been able to add new stores, but we hope to catch up in the second half of the year. We have great faith that Malaysians consumption power will rise moving forward,” he said in a virtual MIDF Conversations series today.
According to Ong, Mr DIY has an independently verified market data to suggest that in the next five years till 2025, a whole improvement in supply and demand will be seen within the retail sector.
"The market has historically grown at double-digit and we expect it to continue to grow at double-digit moving forward,” he added.
Meanwhile he said the group is also on track to complete the year with over 100 million transactions, three times the population of the country.
"In a typical month, putting into context, we are doing close to 10 million transactions per month. It’s not because we sell large items or have a large basket, necessarily, but because we provide everyday essentials, for everyday customers, at reasonable prices,” he said. - Bernama