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

Leased MallsTable 4.4.2 Tenancy mix by level, Istana PlazaLevelTenant mixLower Ground. . . . . . . .Ground . . . . . . . . . . . . .First . . . . . . . . . . . . . . .Second . . . . . . . . . . . . .Third. . . . . . . . . . . . . . .Hero Supermarket, External tenancies, ATMS, Small Casual Leasing areaACE Hardware, Restaurants, Branded Fashion, Exhibition spaceRimo, Children’s play area, Branded fashionFashion, AccessoriesLifestyle—Books, Games, Game Master, Ice Skating, Food CourtSource: Jones Lang LaSalle Research and ConsultingCompared to other modern shopping malls, the anchor tenants are relatively small and account for arelatively small proportion of NLA and gross rental income. The centre, however, has particularly strongmini-anchors and has consistently achieved high occupancies, suggesting that the anchor tenants areproviding sufficient destination appeal to the centre.It is noted that the Hero Supermarket is relatively small, with an NLA of only 1,341 sq.m, which restricts theproduct lines that it can carry. This may see customers using the supermarket for “top up” style groceryshopping rather than major weekly grocery shopping.Table 4.4.3 Major tenants as at 30 June 2007, Istana PlazaTenant Expiry Date % of Gross Monthly RentRimo.............................................. 28-Feb-12 11.5%Ace Hardware. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28-Feb-12 6.5%Gramedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29-Feb-12 3.6%Game Master . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-Nov-11 3.1%Giovanni........................................... 29-Jan-12 2.1%PizzaHut.......................................... 29-Jan-12 2.0%Planet Sport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29-Nov-11 1.9%Other tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.3%Total Centre ....................................... 100.0%Source: Jones Lang LaSalle Research and Consulting, PT. Lippo Karawaci, Tbk4.4.4 Target marketIP targets the primarily middle and middle-upper income segment within the region. A particular focus arefamilies and the local Chinese community. To cater for this target market, the centre has attracted arelatively strong mix of well known, internationally branded retailers in the areas of fashion and food to thecentre.4.4.5 Trade area analysisTo assist with the definition of trade areas, a market research survey of visitors to the major leased mallswas undertaken in February and March 2007. A total of seven (7) centres were included in the study. Thesurveying was conducted by TNS on behalf of Jones Lang LaSalle for the purposes of this assessment.The main findings of the market research in relation to the profile of shoppers at IP is as follows:• Customers tend to be from the higher income groups with a large number of college students, peopleaged under 25 and a significant Chinese customer group;• IP has the lowest percentage of all centres in the portfolio visiting the centre primarily for supermarketshopping. As noted, the Hero supermarket is relatively small compared to larger comprehensivesupermarkets;• Approximately two thirds of customers spend between one and three hours at the centre;• IP appears to be frequented for less multi-purpose trips than other centres within the portfolio. Thissuggests there is scope to increase the length of stay in the centre by increasing the reasons forcustomers to visit the centre;F-78