While the retail sector saw a rapid recovery since the economic reopening, most retailers are bracing for a gloomy 2023. This is after two surveys were conducted by the Small and Medium Enterprises Association (SAMENTA) on the mid-term of SMEs and retailers’ outlook for next year. SAMENTA said most respondents were far less optimistic, with two out of three retailers expect a drop in both sales value and volume in 2023. Hence, it is crucial that the new government comes into power to implement measures that can protect businesses from these short term challenges as well as address long term issues to ensure growth. For insights, we speak to Datuk William Ng, Chairman of SAMENTA.

Image credit: Shutterstock