AN ECONOMIC FORCE
SOME markets in Malaysia have been around for more than 100 years. Penang’s Chowrasta market was built in 1890 and underwent massive restoration in 2013.
Taiping market, built a little earlier in the 1880s, will soon be getting a RM9 million makeover to provide better facilities for traders and customers.
Elsewhere in the country, markets are facing an existential threat in the form of hypermarkets.
While Kuala Lumpur’s Central Market, built as a wet market in 1937, has been turned into a hub for traditional handicraft and bric-a-brac items, other markets in the country are relying on local products to survive.
The Payang market in Terengganu and Siti Khadijah market in Kota Baru, Kelantan have stood
the test of time by offering traditional food and heritage textiles, such as batik and songket.
However, it was announced last month that the old Payang market, built in 1968, would be demolished in stages beginning this month. A solid structure will be built some 80m away, and the RM50 million project is slated for completion in two years.
From wet markets and farmers markets to food bazaars and pasar malam, markets play a vital socio-economic role to boost the local economy and promote the people’s well-being.
Sunway University Business School’s Professor Dr Yeah Kim Leng said with structured planning and implementation, community markets could be turned into tourist attractions that will in turn help the country generate more income.
Malaysia, he said, could emulate countries like South Korea and Thailand, where the markets are known among local and foreign tourists.
“The government can make this happen by working closely with cooperatives and providing structured premises with proper facilities,” he said, adding that flea markets are another market segment that has gained popularity around the world.
He said community markets that are well-managed could help boost the economy by providing employment through systematic supply chain system, covering transportation and various types of business models in the e-economy.
Professor Dr Fatimah Kari of University of Malaya said community markets should also be regulated to provide the image of a cultural entity.
“This is important as it serves as the connecting link to the broader economy,” she said, adding that issues related to location and licensing must be addressed immediately as it forms the basis of developing community markets.
Malaysia, she said, must also move towards a more digitalised way of building community markets as this reflects the future needs of the country.
“I can see the community markets as ‘incubators’ for the development and growth of homebased and backyard micro enterprises in Malaysia.
“I look at the role of community markets as part of the solution to spur growth within a challenging economy.”