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

Leased MallsTable 4.1.3 Major tenants as at 30 June 2007, Cibubur JunctionTenantExpiry date% Grossmonthly rentHypermart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27-Jul-15 14.2%Matahari . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-Aug-15 11.2%Fitness First . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-Apr-21 3.0%Sport Warehouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-Dec-10 2.1%Cinema 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23-Mar-16 1.6%Karisma Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-Nov-10 1.5%Timezone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-Oct-15 1.5%Other tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Varies 64.9%Total Centre ............................................... 100.0%Source: Jones Lang LaSalle Research and Consulting, PT. Lippo Karawaci, TbkNote: Excludes extension to Matahari Department Store, Level 24.1.4 Target marketCJ targets the growing number of middle and middle-upper income households within the region. To caterfor this target market, there has been a particular focus on attracting well known, internationally brandedretailers to the centre. CJ is the only centre within the immediate region that effectively targets this market.4.1.5 Trade area analysisTo assist with the definition of trade areas, a market research survey of visitors to major leased malls wasundertaken in February and March 2007. A total of seven (7) centres were included in the study. The surveywas conducted by TNS on behalf of Jones Lang LaSalle for the purposes of this assessment. The mainfindings of the market research in relation to the profile of shoppers at CJ are as follows:• Visitors to CJ are relatively young (80% of those surveyed are less than 35 years of age), with the vastmajority (i.e. 98%) nominating their ethnicity as Malay;• Visitation to CJ is much higher on weekends than weekdays, and shopper traffic is particularly high inthe afternoon (between 16:00 and 19:00);• CJ is more ‘destinational’ in appeal, as it has the lowest frequency of visitation of all centres included inthe portfolio. However, when patrons visit the centre they stay for long periods: CJ has the highestproportion of visitors who stay for two hours or more of all centres in the portfolio where visitors weresurveyed;• CJ recorded a very low proportion of survey respondents who were visiting the mall alone (i.e. 6%), whilethe proportion of respondents visiting with their partners or spouse is very high (i.e. 40% in total). Mealsare the main reason for visiting the mall, followed by comparison shopping, grocery shopping andmovies.• Of all the malls included in the market research study, CJ has the third highest level of overall customersatisfaction. Visitors surveyed were generally very satisfied with the facilities, the tenancy mix and thelevel of security at CJ.The trade area for CJ has been defined based on the findings on customer origin from the market researchsurvey, the strength of the subject site, the location and relative strength of competing retail facilities andaccessibility to the centre, including the road network, public transport and physical barriers.According to the market research survey, the areas where the level of market penetration is highest for CJare Ciracas, Cipayung, Pasar Rebo and Cimanggis. The primary trade area (PTA) also includes thedistricts of Kramat Jati, Gunung Putri and Pancoran Mas.The STA includes areas form which CJ attracts visitors. However, the level of customer draw (market sharepenetration) is below the level achieved in the PTA. Areas considered to fall within the STA include DurenSawit, Jagakarsa, Pasar Minggu, Bekasi Selatan and Pondok Gede.F-51