Q2 retail figures worst in history, says group

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The supermarket sub-sector suffered a negative growth of -34.6% in Q2 this year, but the department stores sub-sector fared the worst with -62.3%.PETALING JAYA: A retail group says Malaysia’s second quarter (Q2) retail performance has been the worst quarterly result in the history of the nation’s retail industry. Retail Group Malaysia (RGM) described the retail market turning into a “bloodbath” with the implementation of the movement control order (MCO) in mid-March to stem the spread of Covid-19, with Q2 growth rate of -30.9% year-on-year worse than the initial forecast of -28.8%. The department stores sub-sector contracted by 62.3% – the worst performing sub-sector – during Q2 this year. It was followed by the fashion and fashion accessories sub-sector (-44.2%), other specialty retail stores (-40.9%) and the department store/supermarket sub-sector (-34.6%). “This latest retail s…