When it comes down to shopping on a budget, Malaysians have more than just a few trusted names for quality goods at reliably low prices. And among some of the most popular chains includes Eco Shop, best-remembered among consumers for their bold, bright-red advertising, reminding you that when it comes to value, their RM2.10 prices are second to none.
Eco Shop officially announces RM0.10 price hike
Well unfortunately, it would seem that even stores founded on the dollar-store concept (or shall we say, Ringgit-store) here in Malaysia have been confronted with the realities of an economy and retail environment burdened by COVID-19, after Eco Shop made an official announcement that they will formally be increasing all store prices by RM0.10 nationwide, effective 1st December 2021.
According to the statement released over Eco Shop’s official Facebook page, the decision to increase store prices by RM0.10 was a result of the rising cost of bringing in their products. As a result, products sold through Eco Shop’s West Malaysian outlets will go from RM2.10 to RM2.20, while East Malaysian stores including outlets in Langkawi will go from RM2.30 to RM2.40.
The store chain expresses their most heartfelt appreciation for the continued support that consumers have shown them in the past, and hopes that they will continue to shop from their outlets in the foreseeable years to come.
Consumer reactions are divided
While some netizens have applauded the brand for coming clean with their price increase and keeping customers in the loop, others have lamented the fact that the store has decided to hike-up its prices to help fund their aggressive store-expansion efforts, instead of passing on any savings to the end-user. As of November of last year, The Edge Markets reports that Eco Shop is the largest RM2 chain in Malaysia, with over 150 outlets nationwide.
It is worth noting that Eco Shop isn’t the only retailer to have been affected by the pandemic, as even global brands such as popular hotpot chain Haidilao had recently announced the closure and suspension of over 300 outlets due to reduced foot traffic.
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Also read: Oh no! HaiDiLao is closing up to 300 restaurants globally due to poor performance