Greater Kuala Lumpur to see 1.1m sq ft of new retail space in 2024

This will bring the total stock to over 76 million sq ft.

According to a Savills report, in 2023, total retail stock inclusive of hypermarkets in Greater KL grew by 3.3% year-on-year (YoY) to 75.1 million sq ft, representing 9.3 sq ft per capita, with Outer KL holding a 55% market share. 

New retail supply increased by 2.5 million sq ft from three new completions: The Exchange TRX (with a NLA of 1.35 million sq ft), Pavilion Damansara Heights Phase 1 (533,000 sq ft), and KSL Esplanade Mall (650,000 sq ft), two of which are in the KL suburbs and one in Outer KL. 

Here’s more from Savills:

In 2024, Greater KL is expected to add approximately 1.1 million sq ft of retail space, bringing the total retail stock to an estimated 76.3 million sq ft (9.3 sq ft per capita), marking a 1.5% YoY growth. Notable upcoming additions include Elmina City Lakeside Mall (214,000 sq ft), and 168 Park Selayang Mall (235,000 sq ft). These new mall openings will heighten competition for footfall and market share. 

Nevertheless, performing malls will sustain, but weaker or poorly managed malls will continue to struggle in this competitive environment due to their limited selection of retailers and product offerings.