2 June – Another milestone for Ideal United Bintang International Berhad (IUBIB) with the completion acquisition of 1st Avenue Mall and towards the 1st virtual mall in the country. IUBIB, one of Penang’s biggest property developer has recently completed the acquisition of 1st Avenue Mall, a lifestyle shopping mall located in the heart of Penang city. With nett lettable area of 407,076 square feet encompassing six-storey that is 90% occupied, 1st Avenue Mall is anchored by Parkson and together with tenants diversity across food and dining, health and well-being and an entertainment floor section that includes a 6-theatrette TGV cinema.
“Fast-emerging technologies are transforming consumer shopping behaviour. We at IUBIB always believe in transforming, challenging and revolutionizing the segments we operate in, so that is in-sync with market trends and development.
We target to launch the first virtual mall in Malaysia – 1st Avenue virtual mall. This virtual mall will be integrating digitalization and information technology with brick-and-mortar segment, which refer to the physical stores at this point. This will ensure we are always ahead of the competition curve and further enhance consumers’ shopping experience, especially in the current pandemic situation”, said Tan Sri Datuk Alex Ooi, the Executive Chairman of IUBIB.
With the unprecedented pandemic situation, all sectors especially retailing and shopping malls have witnessed tremendous challenges arise owing to the new normal shopping experience that has fundamentally changed the lifestyle norm. This is where IUBIB, post completion of the acquisition, aims to positively impact and improve the mall and the entire shopping experience. IUBIB targets to roll out its virtual mall in 3rd quarter of 2020 while the integration of mobile app is expected to be launched by 1st quarter of 2021.
IUBIB will boast an interactive online retail experience that prompt a re-active campaign and promotion of its tenants, aiming to increase footfall in its physical mall. Additionally, the mall will also collaborate with one of the online mall platform leader, Shopee, in establishing a “mall within a mall” virtual experience concept that allows shoppers to shop virtually at 1st Avenue Mall within the Shopee platform.
The first-of-its-kind virtual mall will also be integrated with mobile app to elevate the shopping experience of the consumers. IUBIB is confident that the mobile app will help effectively to promote the retailers and lead to increased sales.
1st Avenue Mall was re-opened on 8 May 2020 with strict health compliance as directed under Conditional Movement Control Order (CMCO) regulations.