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Leased MallsTable 4.1.4 Cibubur Junction trade area: population growth and spending forecasts2007 (f) 2011 (f)%Growth2007-2011(p.a.)Primary Trade Area . . . . . . . Population 2,255,374 2,460,252 2.2%Households* 422,862 472,826 2.8%Retail Spending perHousehold (Rp. Million) 18.03 21.10 4.0%Total Retail Spend (Rp. Billion) 7,624 9,977 7.0%Secondary Trade Area . . . . . Population 1,608,510 1,728,964 1.8%Households* 318,865 351,311 2.5%Retail Spending perHousehold (Rp. Million) 18.62 21.79 4.0%Total Retail Spend (Rp. Billion) 5,937 7,655 6.6%Source: AC Nielsen; Economic Intelligence Unit; Jones Lang LaSalle Research and Consulting* Note: Total Households and Retail spending market only includes only those households assumed tofall within the target market (i.e., AC Nielsen’ Socio Economic Status (SES) categories A to C, describedas middle and upper income households). Spend market at 2007 prices (i.e. 2011 spend market at2007 prices; average annual retail spending per household and total retail spend market growthforecasts are real, not nominal, growth, excluding the effects of inflation)With real per capita spending expected to increase by an average of approximately 4% over the next fouryears and together with moderate population growth, total retail spend in the PTA for the target market isexpected to grow by 7.0% per annum between 2007 and 2011. Slightly lower growth is expected in theSTA.4.1.6 CompetitionCJ is clearly the most visited mall amongst its customers, with 71% of respondents surveyed reporting thesubject site as the centre they visit most often.The local centres of competitive relevance (i.e. centres larger than 10,000 sq.m), including their distancefrom CJ, opening year, amount of retail floor space and major tenants, are detailed in Table 4.1.5. Thelargest centres are discussed below:• Pondok Indah Mall is a large leased mall located in South Jakarta, 23 kilometres from the subject site.The mall contains around 100,000 sq.m of retail space and is anchored by a number of middle-upperdepartment stores and includes cinemas. Given its distance from the subject site and its tenancy mix(i.e. higher order retailing targeting middle-upper segments), Pondok Indah Mall is only considered likelyto be competing with CJ for discretionary spending rather than weekly convenience retailing.• Depok is situated approximately 10 kilometres west of CJ. Depok contains a number of retail facilitieswhich, when combined, are of competitive relevance to the subject site. The main centres in Depok areDepok Town Square (a strata mall anchored by Matahari and Hypermart), Margo City (a leasedmallanchored by Centro department store and Giant hypermarket), Mal Depok (a lease mall anchoredby a Matahari Department Store and Matahari Supermarket) and ITC Depok (a strata mall anchored byCarrefour). Margo City is considered to be of most relevance to the subject site given it is targetingmiddle-upper income households and as it is the only major centre in Depok with a department storeother than Matahari (i.e. Centro), which is a point of difference.• Graha Cijantung is located 11 kilometres northwest of the subject site. This lease mall contains45,000 sq.m of retail space anchored by a Ramayana Department Store and a Hero Supermarket.The centre is targeting middle-lower income households, therefore not considered as a majorcompetitor to the subject site.• Tamini Square is a strata mall located approximately 9 kilometres north of CJ. The mall is anchored by aCahaya department store and a Carrefour hypermarket. The centre is considered to be of minimalcompetitive relevance as it is targeting a lower income segment compared with the subject site.F-53