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Ramayana choose to expand while its competitors close down

15 January 2019 02:07 PM  Company: PT. Hero Supermarket Tbk[HERO]
Rp. 885  -40 (-4.32%)

JAKARTA. PT Ramayana Lestari Sentosa Tbk (RALS) chose to expand the Ramayana Department Store outlets, although its competitors, such as PT Hero Supermarket Tbk (HERO) began to close down dozens of their outlets.

Setyadi Surya, Corporate Secretary of RALS, said that his party is still optimistic that the retail business in Indonesia will continue to grow. Therefore, RALS plans to open a number of new outlets this year. "Last year, we opened five new outlets, this year we are consistent, the same as last year," said Surya as quoted by Kontan on Tuesday (15/1).

According to Surya, RALS has not yet decided the location of the five new stores that will be opened this year. "We don't know the location or review yet," said Surya.

Even so, Surya was hesitant to mention how much the company's budget for opening new outlets this year. According to RALS's financial report in the first semester of last year, the company used Rp 175 billion to open 3 new outlets. If referring to this figure, it is estimated that RALS will use around Rp. 291.6 billion to open 5 new outlets this year. (KR/AR)

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