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Matahari will open 2 new stores in Sumatera

17 November 2017 03:58 PM  Company: PT. Matahari Department Store Tbk[LPPF]
Rp. 4,490  -10 (-0.22%)

JAKARTA – PT Matahari Department Store Tbk (LPFF) plans to open two new department stores in South Sumatera this month. Both department stores are located in Baturaja and Lahat, South Sumatera. Matahari Baturaja will be opened on November 23 and Matahari Lahat on November 30.

In addition, Matahari will also open Nevada Specialty store in Pakuwon Mall, Surabaya. Richard Gibson, CEO and Vice President Director of Matahari Department Store said, “As we move forward we are actively and opportunistically looking to accelerate our new store opening plans, including in those areas where other department stores have closed. We see the current market weakness as an opportunity for stronger players like ourselves to increase market share and be well positioned for future growth once the market bounces back. With the three new store openings, less two expired leases (Mall Taman Anggrek Jakarta and Lombok City Center) that will not be extended, we will have 155 stores in total by the year-end.”

In the third quarter, Matahari’s gross sales dropped 23.7% to Rp 3.19 trillion compared to the same period last year of Rp 4.18 trillion. While the number of transaction on grew to 133,000 transactions. Besides that, Matahari’s merchandise and operational initiatives are on track, including the signing of the multi-year agreement with Disney. (LM)

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PT. Matahari Department Store Tbk [LPPF]   Rp. 4,490   -10 (-0.22%)