PETALING JAYA: The home improvement retailing sector is expected to grow by 10% annually in the next few years driven by domestic demand, according to MR DIY Group (M) Bhd chief executive officer Adrian Ong.
The will seek to capitalise on the opportunity in the home improvement sector by growing its retail segment in Malaysia, he added.
“This year our target is to open 180 stores. We already opened 47 stores in the first quarter.
“For the rest of the year we are expecting to open 133 stores across Malaysia.
“We will continue to invest in the retail sector to ride on the growth and do what we have been doing so far, which is to service our customers, provide goods at great value, and provide a convenient shopping experience for our customers.
“We will review our performance by the end of the year and then decide how much to invest in the following year,” Ong told reporters after the MR DIY Plus Mid Valley store tour.
Ong said the group would pass on any price increases as a result of the inflationary pressures to customers.
The group opened a 30,000-sq ft mega retail store, MR DIY Plus in May, at MidValley Megamall.
“We opened MR DIY Plus according to the outcome of the data analysis in business research the company has conducted.
“The idea is to meet customers’ demand to provide 20,000 types of products under one roof,” he said.
The mega store offers products in five major categories including hardware, household and furnishing, electrical, stationery, sports equipment products, toys, car accessories, jewellery, cosmetics, food and beverage items, and healthcare and personal care items.
“It is a combination of MR DIY, MR TOY, and MY Dollar. The store also has an event space for events and activities to provide entertainment for the customers.
“It is the first store with self-checkout machines,” Ong said.
The store has welcomed more than 200,000 visitors in its first month, since it opened its doors on in May.
The group will open 10 more Mr DIY Plus nationwide within two years, he added.
MR DIY shares rose three sen to RM2 yesterday, valuing the retailer at RM18.6bil.