LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

Retail Market OverviewTable 2.1.1 Indonesia retail sales (US$ Million) (current price), 1994-2011YearRetail sales(US$ Million)Annualgrowth1994 (a) ...................................................... 83,6181995 (a) ...................................................... 96,921 15.9%1996 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,130 12.6%1997 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,578 (7.8)%1998 (a) ...................................................... 45,597 (54.7)%1999 (a) ...................................................... 73,216 60.6%2000 (a) ...................................................... 71,836 (1.9)%2001 (a) ...................................................... 70,011 (2.5)%2002 (a) ...................................................... 89,908 28.4%2003 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,846 20.0%2004 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,483 6.2%2005 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,013 5.7%2006 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,186 23.3%2007 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,587 12.3%2008 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,141 10.5%2009 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,264 9.8%2010 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,717 10.6%2011 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,935 10.3%a = Actualf = ForecastSource: Economist Intelligence Unit, Country Forecast, February 20072.2 Changes in income and retail spendingThe recovery in Indonesia’s economy over the past five years has resulted in strong real income growth,particularly in the nation’s capital, Jakarta. As mentioned earlier, economic growth has lead to aconsiderable increase in the number of middle income households, which contributing significantly toretail growth in the country. However, the growth is concentrated in major urban centres, while growth inrural areas and smaller cities still lags that in the urban centres.The following chart shows the GDP per capita comparison of Indonesia’s five major cities.Figure 2.2.1: GRDP per capita by Indonesian city (current prices), 2003-200560Rp Millions50403020200320042005100Indonesia Jakarta Bandung Surabaya Semarang MedanCity*) Figures for Indonesia, Jakarta & Bandung are for 2003-20052005 figures for Surabaya, Semarang and Medan are n/aSource: Central Bureau of StatisticsJakarta, as the largest city, has the highest GRDP (current prices) per capita with an average growth rate ofabout 14% per annum over the past four years. It is then followed by Surabaya, Semarang, Medan andBandung. The GRDP growth rate of selected major cities above ranges from 10% to 15% per annum.F-23