KUALA LUMPUR (July 19): Malaysia’s six core government-linked investment companies (GLICs) are to grow the market value of their Bursa Malaysia-listed investee companies by RM100 billion over five years under the Government-Linked Companies Empowerment and Reform (GEAR-uP) programme that seeks to bolster economic growth with RM120 billion investments over five years.

“Looking ahead, GEAR-uP will expand its scope to involve over 30 government-linked corporations (GLCs) under participating GLICs. These companies will be guided by ambitions to collectively achieve RM100 billion in market capitalisation, deliver 7.5% shareholder returns, and champion non-financial outcomes — including implementing living wages, growing Bumiputera enterprises, and developing talent and future leaders,” the Ministry of Finance said in a statement dated June 30.

By value of assets managed, the six GLICs are the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Retirement Fund Inc (KWAP), Khazanah Nasional Bhd, the Pilgrims' Fund Board (Lembaga Tabung Haji) and the Armed Forces Fund Board (LTAT).

Can they deliver on those targets?

Read The Edge Malaysia this week to find out more about the six GLICs' holdings in 10 key blue-chips plus 28 GLCs and their financial metrics.

Meanwhile, it seems that the post-pandemic boom in revenge spending — especially on luxury goods — has faded.

Retail experts say with rising living costs, shoppers are shifting towards more value-driven purchases. While some malls may still experience record high footfall, it does not necessarily translate into higher spending.

Consumer loyalty is also transforming, with younger generations becoming less brand-conscious, and more focused on wellness.

A fun fact — Malaysia ranks as the third-largest pickleball hub globally!

Retail Group Malaysia revised downward its growth forecast for the retail industry in 2025 to 3.1% from 4.3% previously, mainly due to a much lower projection for the second quarter coupled with challenges for the rest of the year.

Meanwhile, the retail landscape remains highly competitive, particularly in the Klang Valley, which boasts 292 malls and retail centres — totalling 91.7 million sq ft of net lettable space. At least three more malls are set to open this year.

Nationwide, there are 733 malls and retail centres, or a combined 196.2 million sq ft of net lettable area.

With the revenge spending fad fading and consumers tightening purses, it would seem that the industry’s next challenge isn’t just survival but smart reinvention to remain relevant and attract quality consumers.

Read more about the evolving retail sector in this week’s cover story available on newsstands from Saturday, July 19.

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