Consumer spending power

Mr. DIY looks to counter tough 2023 on home turf

(Source: Jennee Grace Rubrico)

Mr. DIY, Malaysia’s dominant home improvement retailer, does not sugarcoat what it sees as the challenges of 2023. In its recently released annual report, the company discusses the impact that global developments – such as a world economy on the brink of recession, a high cost of living and geopolitical disturbances – may have on Malaysia’s own economy and, ultimately, on the wallets of its shoppers.

Company officials state, however, that the publicly-listed retailer, which further cemented its leadership in the country by securing a 41.8 per cent market share in 2022 – up from 38.5 per cent in 2021, is equipped with a “road map” that will allow it to make the most of pockets of opportunities and work on its strengths to counter tough times. As Malaysian shoppers trade down to white label and value products in a bid to extend the reach of their money, for instance, Mr. DIY is positioning itself as a provider of a “price-to-quality value proposition” that caters to this shift in buying patterns. The company is also rethinking non-performing store formats, making the most out of ‘measured’ expansion plans and making operations more efficient.

Read more on this in DIY+.

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