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Malaysia in transition

A year after stunning victory, Mahathir bites bitter economy

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Malaysian Prime Minister Mahathir Mohamad's approval rating is falling fast. (Nikkei Montage)

KUALA LUMPUR -- A shopping mall at the foot of Kuala Lumpur's iconic Petronas Twin Towers has recently lost one of its two department store tenants.

Parkson Holdings, a local department store chain, closed the three-story 12,000 sq.-meter store in February after two decades of operation. Like many other traditional retailers, Parkson faced stiff competition from modern malls and e-commerce. The company noted in its financial statement for 2018 that it needed to transform its business as global economic and market uncertainties make its operating environment "challenging."

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