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Diverse Demographics

One of the key factors that significantly influences the success of retail projects is the understanding of demographics and the target audience. 3RD SPACE, nestled in a prime location within Mont Kiara, has leveraged this knowledge to make it an ideal destination for retailers.

Murli Menon, Director of Retail Services at Savills Malaysia, shares insight into the vibrant neighbourhood of Mont Kiara, where 3RD SPACE is redefining the retail experience.

Age, gender, nationality and psychographics, like hobbies and interests, must be taken into account as it shapes the products and services to be offered. The demographics of the area surrounding 3RD SPACE are highly favourable for retail businesses. With a diverse mix of local and international residents, the suburb of Mont Kiara boasts a multicultural community that seeks a well-rounded lifestyle.

This melting pot of different races and nationalities creates a dynamic environment of various preferences and tastes that need to be accommodated. 3RD SPACE, developed to merge personal and professional lives, features a variety of casual and premium dining options, common areas, event spaces and facilities to foster personal and professional development to meet the needs of this diverse community.

Moreover, the catchment area of 3RD SPACE encompasses individuals from various income groups, particularly the mid-upper segment. This means that the target audience comprises individuals with the purchasing power to support a wide range of retail offerings.

By strategically positioning itself in Mont Kiara, 3RD SPACE has tapped into a market with significant potential. The favourable demographics in terms of income and diversity lay a solid foundation for the success of retail projects within this space. Retailers can capitalise on this market potential, confident that they are targeting a consumer base that is well-suited to their offerings.

Furthermore, the allure of 3RD SPACE extends beyond demographics alone. Its design of harmoniously blending personal and professional lives and unique fusion of social and work spaces add another layer of appeal to its target audience. This extraordinary destination transcends the traditional retail experience, creating an immersive environment that resonates with individuals seeking a holistic and integrated lifestyle.

The demographics of the Mont Kiara area play a crucial role in shaping the retail landscape within this location. The right income group, coupled with a diverse and multicultural community, has provided an ideal market size and potential for 3RD SPACE. By understanding the demographics and target audience, retailers within 3RD SPACE can curate an exceptional retail experience that caters to the unique preferences and needs of this dynamic community, establishing themselves as a go-to destination for a diverse range of customers.

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