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The retail industry was severely impacted during the global outbreak of COVID-19 and is currently facing significant market, financial, people and operational challenges. The pandemic has impacted parts of the industry in different ways. The grocery sector struggled with supply chain issues, consumer goods and apparel businesses have been challenged by store closures and rapid growth of online sales.
The COVID-19 pandemic, subsequent lockdown and resulting economic shock have tested businesses in Malaysia in an entirely unprecedented way, and their impact is likely to be felt for years to come. But, against this backdrop, IBR data finds Malaysian businesses to be relatively upbeat
Businesses effected by the MCO will take at least one year to recover. Even with help from the Government such as subsidies from the Economic Stimulus Packages, deferring of EPF payments, six-month moratorium on loan repayments, it is unfortunately still not enough for businesses to survive. What businesses need is income.