Wednesday, 9 August 2017

(NST) Mydin eyes online business

KUALA LUMPUR: Mydin Mohamed Holdings Bhd, the owner of Malaysia's largest hypermarket chain, Mydin, plans to venture into the online business as part of a plan to expand and diversify its business portfolio.

Managing Director, Datuk Wira Dr Ameer Ali Mydin said the company was awaiting the right time to launch the initiative.

"Right now the market is very weak and we are awaiting an upturn before going online.

"The online business is different because there are some big players out there in the digital world. I have to be careful," he told reporters on the sidelines of the International Social Security Conference 2017 here today.

The two-day conference, themed, “Future of Work: Preparing For Tomorrow Today”, is jointly-organised by the EPF and US-based investment company, BNY Mellon.

Ameer said for the time being, Mydin would be focusing on opening more outlets and monitoring the industry’s performance, which is currently still feeling the pinch from the previous economic slowdown, and the weak ringgit.

He said Mydin plans to open two new outlets this year, and possibly three more next year.

Commenting on Mydin’s sales performance, he said it would be difficult for the company to rebound this year, as purchasing power in the market is still low, despite the country posting solid growth in the first quarter.

"We are trying to maintain prices, in the hope that things will improve. That is the main challenge now," he added.