PROPERTY NEWS: Boustead Properties to restructure its tenant mix, The Curve, to increase footfall

Key takeaway:

In order to draw in more consumers, particularly those from Selangor, Boustead Properties Bhd, the owner of The Curve retail mall in Petaling Jaya, Selangor, is improving the tenant mix at the mall.

By year's end, the mall anticipates average monthly foot traffic to be close to one million, up from the pre-pandemic figure of 860,000 in 2019. This is according to Chief Executive Officer Khairul Azizi Ismail.

Footfall is a vital indicator of how well retail establishments are attracting consumers and is defined as the number of individuals entering a store or shopping centre.

"The Curve presently has more than 220 tenants, including the 22 new tenants that signed in the first half of this year. By the end of this year, we hope to bring in another 10 tenants.

Therefore, by the end of 2022, the occupancy rate should be at around 93%, which demonstrates that we are progressing well by being resilient and providing our customers with value and a distinctive mall experience," he told Bernama.

Khairul remarked that owing to mall closures and travel limitations during the epidemic, online shopping became the norm.

The reopening of the economy and the country's move to endemicity, he claimed, had raised the monthly average footfall, making Boustead Properties hopeful.

"The Curve's physical storefront business has not been significantly impacted by online purchasing. In addition, malls are regarded as fantastic places to gather and socialize with family and friends, " says Khairul.

Since the retail sector has recovered from its recent downturn and is anticipated to end 2022 on a strong note, the company is confident in its future.

The Curve is aware of the difficulties facing the retail sector in 2022, including growing costs and impacted consumer income due to the ongoing effects of COVID-19. These issues may also have an impact on consumption and purchasing power.

Despite the difficulties, he continued, "we are dedicated on creating value and maintaining good long-term relationships with our renters, which includes lending a helping hand to our tenants through the harder times."

In an effort to diversify the tenants at The Curve, it was recently confirmed that the subsidiary of Boustead Properties, Boustead Curve Sdn Bhd, has signed an agreement with K Ecomart Sdn Bhd, a division of the Korean Malaysia Trade Group (KMT Group).

The anchor tenant at The Curve is the K Plus Food Market flagship store, which takes up around 30,000 square feet on the ground level of the pedestrianised mall, or 5% of the lettable area, which is a sizable portion for a single tenancy.

The Curve was chosen by KMT Group because of its convenient Klang Valley location and anticipated high consumer demand for its South Korean services, according to KMT Group chairman Datuk Matthew Lee.

Additionally, he continued, "We aim to make our Korean grocery concept store a desirable, must-visit location for Klang Valley residents who are admirers of Korean culture.

A large variety of well-known Korean brands and items will be available in the flagship store, and fresh food will occasionally be imported from South Korea. It would collaborate with regional vendors as well to meet Malaysian demands.

According to Lee, the organisation has plans to open more Korean grocery concept stores in the near future.

©️ July, 2022, theedgemarkets.com