Penang Retail Outlook 2010

By 2010, we will see some 25.0 million square foot of retail space in Penang.

This figure is just a rough estimate given project sizes of Paragon Hunza, Gurney Plaza New Wing, Penang Time Square, The Light, PGCC, Juru Autocity and malls that are planned and developed on continuous growing year by year basis.

Given that the population growth of more or less the same every year, some 1.5 million people on the Island and additional 0.5 million people on the Seberang Prai area, the economics for retail may be in present, downward spiral. There is also an national inflation of 2%-20% to be added to current pricing.

Contributory to the effect, worldwide recession has started with United States due to prime home loans affair and also inflation in China, that create future problems even though there may be an increase of tourists to the Island but the spendings may be limited by the same tourists.

Every year as the new generations of youths aging 20-40 years old becoming more entrepreneurial, we shall see some 15,000 new brand or businesses emerging (assuming each business is to take up 1,000 sq.ft for retail).

At present,

Penang Retail Outlook 2008

There are an estimated figure of over 10 million square foot of lettable retail space in Penang.
(8.0 million sq. ft. based on NST report in 2004 excluding Queensbay Mall)

1. Queensbay Mall (1.5 million sq. ft) 500 shops
2. Sunshine Square (452,000 sq.ft)
3. Bukit Jambul Shopping Complex (999,604 sq.ft) 414 shops
4. Gama (no details offered by Evelyn, Business Dev. Mgr 06 March)
5. Bayan Central Complex (440,640sq.ft?)
6. Gurney Plaza (754,000 sq.ft)
7. Island Plaza (320,000 sq.ft)
8. Komtar Complex (148,534 sq.ft)
9. One-Stop Midlands Park Centre
10. Prangin Mall (900,000 sq.ft) 593 shops
11. Suiwah (combined space) Sunshine Farlim, Sunshine Jelutong
12. Sunshine Square
13. Sunway Carnival (500,000 sq.ft)
14. Pan Palaca Plaza (110,000 sq.ft)
15. Penang Plaza
16. New World Park
17. Pacific Megamall
18. Bukit Mertajam Plaza
19. Kompleks Pekan Rabu Datuk Kailan
20. retail squares at Sungai Dua, Penang.
21. Prima Tanjung, Medan Fettes.
22. Ivory Properties behind USM.

Unaccounted for: 3.9 million

Sources:

http://www.nst.com.my/Weekly/PropertyTimes/News/Focus/20040724125056/Article/
http://www.hbp.usm.my/RetailPG/bayan%20baru.htm
http://www.penangresort.com/rhi/news2.php?subaction=showfull&id=1123133533&archive=&start_from=&ucat=1&
http://biz.thestar.com.my/news/story.asp?file=/2007/6/23/business/18100855&sec=business
http://www.seri.com.my/oldsite/EconBrief/EconBrief2002-11.PDF
http://announcements.bursamalaysia.com/EDMS/subweb.nsf/7f04516f8098680348256c6f0017a6bf/a5165d375a53769d48256f3c00309cd1/$FILE/Suiwah-AnnualReport2004.pdf
http://www.tourismpenang.gov.my/page.cfm?name=se02c