As if we don't have enough shopping malls to kill time during weekends or holidays, we can look forward to more than 10 new malls coming to the Klang Valley over the next few months!
Do you want to take a moment to guess how much space we're talking about here?
About 6.58mil sq ft of retail space
will be made available in the second half of this year. After doing some basic calculations and discovered that this is equivalent to about 114 football fields.
According to The Star
, a report by Knight Frank's Real Estate Highlights revealed that 11 malls are expected to complete very soon, with the largest space coming from Empire City Damansara Mall, followed by Tropicana Gardens and Central Plaza @ i-City.
Here's the complete list of malls we can expect by the end of 2018:
But more retail space also means more pressure for occupancy and stiff competition
for existing and incoming tenants in an already crowded market.
The report states that retail space per capita in the Klang Valley is one of the highest in Malaysia
at approximately 7 sq ft per person.
"The current concern weighs more on the completed retail stock that have yet to be filled and this puts further pressure on occupancy levels going forward," it read.
In recent times, Malaysians across the board have also expressed concerns about the oversupply of malls we have, especially in the city.
Don't get us wrong, we don't hate malls. We're actually very proud to know that Malaysia has some of the largest malls in the world
But that amount of space could definitely have been converted to different types of buildings to give us more things to do on weekends and public holidays. Just saying.
It's the age of online shopping after all!
"To remain competitive due to rising popularity of online shopping, the retail segment has been banking on securing tenants with services and experience factor such as food and beverage, beauty and dermatology and sports and entertainment," Knight Frank stated.
Having said that, Kuala Lumpur City Hall has reportedly frozen new approvals for this kind of projects temporarily to address the growing inbalance in supply and demand, especially in the retail sector.
So, do you agree with seeing more shopping malls in town? What do you wish to see more instead of new malls in the near future?