KUALA LUMPUR (Oct 15): Malaysia's proposed goods and services tax (GST) may prompt retailers to sell new product types to sustain profitability, according to Japan-based Aeon Co Ltd Asean Business CEO Nagahisa Oyama.
Oyama said in a press conference during the MRCA Retail Conference 2014 here today companies could move from selling traditional goods to new items on rising competition.
"The competition (among retailers) will become fiercer. The companies should focus on further cost reduction for its management to be more efficient and firmer," said Oyama.
Oyama said implementation of the GST beginning April 2015, would have a huge impact on businesses in Malaysia as experienced in Japan previously.
Aeon Co Ltd owns 51% in Aeon Co (M) Bhd.