Its CEO Adrian Ong stated that the group’s efficient and sustainable business practices enabled price hikes to be absorbed, allowing it to continue providing consumers with affordable products.

In a statement following the opening of MR DIY Plus at the Mid Valley Megamall today, Ong cited the group’s bulk purchase of merchandise as a key enabler to keeping prices low.

“We, in turn, pass this benefit to our customers. That is our formula, to share the benefits (of bulk buying) with everybody,” he said.

Ong disclosed that despite receiving over 200,000 visitors since its launch on May 19, there were no plans for another MR DIY Plus this year.

Recognised for its rapid expansion, the group has set a target to open a total of 180 stores across all of its brands with MR DIY at the forefront, followed by MR Toy, a home-grown toy store chain and MR Dollar, a dollar-store concept shop.

On the possibility of saturation of outlets, Ong said the group’s experience of late has been positive and it will continue to expand according to demand.

“We will continue to look at the data to make our decisions, and I’m pleased to say that our experience of late has been positive. There’s no reason why we will not continue to open stores at this pace, it is very encouraging for us,” he said.

Ong also revealed that the physical stores generate far more revenue than the e-commerce section, which contributed less than 1% to the group’s total revenue.

“Nevertheless, it continues to grow well, but for us what is relevant is to have brick-and-mortar stores, and we will continue to encourage these stores to provide value to our customers,” Ong said.