Menara Mara is one of three local properties managed by Mara Inc, a subsidiary of Mara Corporation Sdn Bhd, and an indirect unit of Majlis Amanah Raya (MARA).
Busana@Menara Mara is a five-storey retail podium which was at one time the home of Mara Digital Mall, an initiative started by former Primer Minister Datuk Seri Ismail Sabri and then rural and regional development minister.
Just a stone's throw away from popular haunts Sogo and Pertama Complex, vendors lament its wasted potential due to high rental rate, poor marketing, subpar maintenance, and lack of upgrades less than a month after Mara Inc was put under the spotlight by the Auditor General for failing to meet its objectives.
Vendors surveyed by Business Times said the lease of retail space has been increasing by about 20 per cent upon each renewal, with the current lease ranging between RM3 and RM17 per square feet, depending on the floor level.
Vendors say part of the issue is the obscure fees which are not itemised.
For comparison, a 300 square feet retail space in Pertama Complex's is going for RM2,500, while the same space is going for more than double at RM5,500 at Busana@Menara Mara.
Repeated calls made to Menara Mara's leasing office were unanswered.
Exorbitant and hidden charges along with a lack of marketing and maintenance efforts, led to vendors eventually foregoing their leases and moving out.
A survey by Business Times found that most of the lots in the upper floors were unoccupied, while foot traffic was almost non-existent.
"I managed a boutique for nearly seven years there, but the sales deteriorated each year. So, I decided to close the shop and relocate to a place where my team and I could thrive," said a former tenant.
"The sales are not good, we only get impressive sales performance during festive seasons like Ramadan. The other months are so hard to get sales, so we could not sustain the business at the mall."
"The most impressive sales were back in 2017, and it started to decline in 2022. The worst is this year," he said.
Vendors who stuck it out said despite the exodus of vendors leaving nothing much has changed at the retail podium.
Vendors say the management failed to adequately promote the mall, resulting in low foot traffic and disappointing sales. "Even if we suggest ideas to improve the mall, management takes it as if we want to start an argument instead of seeing it as a suggestion for good," said a tenant who has run a clothing shop since 2013 said.
"Neighbouring buildings like Pertama Complex, which is an older building than this mall, also has upgraded their facilities by adding billboards and lively lighting. The mall is at the traffic light; surely people will stop and look at the advertisements," he added.
Another major point of contention is the lack of investment in renovations and upgrades.
While neighbouring buildings are undergoing modern transformations, the mall remains stagnant.
Business Times has reached out to Mara Inc and MARA for comments.
According to the 2024 Auditor-General's Report, Menara Mara, one of two commercial buildings it owns have yet to recoup its investment.
Menara Mara in particular reported -132 per cent return on investment as of 2023 as opposed to Menara Inc's projections which had expected a seven per cent return by the fourth year of running.
Although Mara Inc attributed its financial performance to the cost of building repairs and discounts to the tenants affected by the COVID-19 pandemic, the vendors at Busana Mara@Menara tell a different story.