Lotte Group aims for $100 mln sales from new Jakarta mall - The Jakarta Globe | Company data
(The Insider Stories) – The Lotte Shopping Avenue that will open in Jakarta in June is targeting $100 million in retail sales by its third year it targets increasing middle class purchasing power with 77,000 square meters of space for middle-upper retailers like Lotte Duty Free, Uniqlo (9983), Hide Yamamoto and Seri Salon.
The Jakarta Globe quotes Lotte Shopping Avenue president director Suh Chang Suk as saying the Korea-based Lotte Group (023530) has been planning to open a mall in Indonesia for 10 years to tap the robust consumer sector.
“Indonesia has a big population, enormous natural resources and high potential compared to other countries. Indonesia has many qualifications in the retail sector. We target in the first year we can get $6 million sales and it could be $100 million in the third year,” He said
The $100 million Lotte Shopping Avenue will have its grand opening on June 22 and is the first Lotte-operated mall in Southeast Asia, with the group planning to invest up to $500 million in Indonesia by 2018 to build malls in big cities like Jakarta, Surabaya and Medan, and hire 10,000 employees, it says.
