Grant Thornton member firms from the Big 7 ASEAN countries – Malaysia, Indonesia, Philippines, Singapore, Thailand, Vietnam and Cambodia– coming together as Grant Thornton ASEAN
KUALA LUMPUR, 17 August 2020: 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.
“As non-essential trading was halted in many parts of the world, many businesses have experienced a significant drop in revenue with store closures. As a result of this, many retail staff were made redundant or worked reduced hours during the pandemic,” said Dato’ N.K. Jasani, Country Managing Partner of Grant Thornton Malaysia PLT.
“It is important for retail businesses to focus on liquidity, cost management, debt and restructuring to assess, protect and restore value for their business and this publication will provide some guidance on the steps required to position themselves for the ‘new normal’ that is emerging after the lockdown restrictions are eased,” he continued.
Retailers need to ensure their businesses are resilient going forward. Lenders and stakeholders need to know there is a working strategy for transitioning from the present disruption to operating in the new normal.
With the focus of helping retail businesses, Grant Thornton ASEAN launches the ASEAN Focus Retail Industry Services. This is to meet rising demand from retail businesses looking to relocate operations to the region in the wake of the COVID-19 pandemic and fluctuating US-China trade tensions. The service will focus on medium to large enterprises looking to expand, relocate or diversify their businesses in the region.
While the ASEAN region is often the prime choice for businesses and investors, any relocation or expansion in a new country or region can be challenging. Many factors need to be considered, including risk management, cost management, investment returns, cultural differences and more.
The growing demand for help in these areas is the driving force behind the Grant Thornton member firms from the Big 7 ASEAN countries – Malaysia, Indonesia, Philippines, Singapore, Thailand, Vietnam and Cambodia– coming together as Grant Thornton ASEAN. “We offer seamless cross-border services to all the medium to large enterprises looking for opportunities to expand their retail businesses across the ASEAN region” said Dato’ N.K. Jasani.
With a team of local experts from different countries, Grant Thornton ASEAN can provide medium to large enterprises valuable business insights and strategic perspectives, evaluate business challenges and support their needs in local or regional growth, risk management or cost management.
In light of helping retail businesses, Grant Thornton ASEAN member firms have also produced a publication named ‘Retail: Navigating the Impact of COVID-19’ for retail businesses which could be found in their respective website.
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Further enquiries, please contact:
Charmane Koh
Senior Manager, Corporate Affairs
Grant Thornton Malaysia PLT
T: +603 2692 4022
M: +017 3384563
E: charmane.koh@my.gt.com
Notes to editors:
About Grant Thornton International Ltd
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions. More than 56,000 Grant Thornton people across over 140 countries, are focused on making a difference to the clients, colleagues and the communities in which we live and work.
All references to Grant Thornton International in the press release and this “Notes to editor” section are to Grant Thornton International Ltd. Grant Thornton International Ltd is a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.
About Grant Thornton Malaysia PLT
Grant Thornton Malaysia PLT is a member firm of Grant Thornton International Ltd (GTIL) and we have been progressing expeditiously in every aspect ever since our establishment in 1974. Today, we are one of the leading audit, tax and advisory firms in Malaysia, providing assurance, tax, public listing, corporate finance, restructuring and other specialist services to public listed and private companies. With over 850 people, Grant Thornton Malaysia currently provides services from offices in Kuala Lumpur, Penang, Johor Bahru, Kuantan and Cambodia.
