Retailers Association We Need Stimulus Package On Steroids

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CORONAVIRUS | The Malaysia Retailers Association (MRA) said its members are reeling from the effects of the movement control order (MCO) and it is appealing to the Perikatan Nasional (PN) government to take measures, such as free rental in shopping malls, to cushion the blow
"Sales dropped by as high as 60 percent last month, and we envisage a 90 percent drop this month, due to the lockdown in line with the MCO
"Since the first announcement of the MCO, the retail industry and our members had been greatly impacted
"Many retail businesses are in dire condition and desperately need help, more so with the extension of the MCO for a further 14 days," said the MRA in a statement today
The statement was issued in the name of MRA president James Loke and council members who included representatives from major retailers such as Parkson Corporation, Aeon, Sunshine Wholesale Mart, Bata, Habib Jewels, Mydin Mohamed Holdings and Sogo, among others
According to the MRA, the contraction of the economy by deliberate government actions (done consciously, intentionally and necessarily) around the world has triggered a cash flow problem
"If this issue is not tackled as soon as possible, it will trigger a depression of asset values, income and further contraction of the economy."The MRA warned that some retailers and shops may not reopen after April 14 due to limited resources, with no revenue during this MCO period but having loads of expenses to pay - the bulk of which are salary, rental and payment to statutory contributions
This, it said, would lead to retrenchment of staff and layoffs
"The government has to support businesses and workers financially, and shopping malls’ owner have to give free rental during MCO and some rental rebates thereafter, so that the rebound can be rapid as the structure of the economy (liquidity, businesses and jobs) remains intact
"Quick recovery would mean that businesses can pay back the financing taken to do what we are doing now. The economy cannot recover quickly if companies start to fold and jobs are lost," added the MRA
It appealed to the government to show that it is behind their businesses and to be creative with its support programme
"Then only can the businesses stand behind their workers, and, in return, the workers can then do their part in this struggle
"We need a stimulus package on steroids," said the MRA
The retailers assured Prime Minister Muhyiddin Yassin that they would obey and follow government directives
"The well-being of our employees, as well as their families, our business associates, and communities around us are of utmost priority as we navigate through these challenging and uncertain times." - Mkini

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