However, weaker malls would become casualties, said Chan who oversees seven malls under the Sunway Group.

He was speaking on “The Future of Retail/Hotel Market” at the association of valuers, property managers, estate agents and property consultants in the private sector’s (PEPS) 14th Malaysian Property Summit 2021: Eye on 2022.

Although malls have recovered between 60% and 80% of visitors on average, he said “the dust has not settled yet,” with weak malls expected to be the biggest casualties.

“It will not be until 2023 when there will be some level of stability in the retail mall sector,” Chan added.

Members of the public are wary about dining in and everyone is learning to make the pandemic-to-endemic transition, including mall operators.

Companies such as those selling luggage and those offering foreign exchange services will be impacted. The same with cinema operators, he said.

“Besides the fragmented recovery, we have also noticed that shopping habits have changed. Other than the growth of e-commerce, we have also noticed that mall visitors are more purposeful and focused when going to the malls.”

He said instead of being in the mall for two to four hours per visit as before, they were now inside malls for between one and two hours.

“But spending has increased,” he noted.

Chan said despite the very challenging times, mega malls continued to enter the market with Pavilion Bukit Jalil due to open in December 2021 and Bukit Bintang City Centre’s Mitsui Lalaport Mall in January 2022.

The Exchange in the Tun Razak Exchange financial centre is scheduled to open in the later part of 2022, he added.

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