The Retail Group Malaysia has projected an annual growth rate in retail sales of 4 per cent for this year, a hike of a 0.5 per cent point from the projection made in November last year. According to the Malaysia Retail Industry Report released in March, the biggest challenge for the Malaysian retail industry is the rising cost of living. In comparison, the retail industry recorded a growth rate of 2.
2 per cent for 2023, which was below market expectations as the projection by Retail Group Malaysia in November was 2.8 per cent. It said the retail industry contracted in the last quarter of 2023 by 0.2 per cent while retail prices, including food prices, continued to rise
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