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

Leased MallsLang LaSalle for the purposes of this assessment. The main findings of the market research in relation tothe profile of shoppers at MLC are as follows:• The mall attracts residents and employees of the Lippo Cikarang Estate, with Cikarang Selatanaccounting for 55% of shoppers surveyed. Mall visitation is primarily driven by the centre’s locationto either workplace or home;• The majority of shoppers are regular customers to the mall, averaging three visits per month;• MLC enjoys a virtual monopoly amongst its customer base with a very high 95% of survey respondentsindicating this was the centre visited most often;• Weekends are the most popular time to visit the mall, although MLC enjoys strong visitation from thelocal workforce during the week;• Peak traffic hours occur around lunch time (12:00 to 14:00) and 16:00 to 19:00;• The majority of shoppers arrive at the centre by either metromini or motorcycle; and• Most shoppers are satisfied to very satisfied with MLC in terms of facilities, shops available and security.The trade area for MLC has been defined based on the findings of customer origin from the marketresearch survey, the strength of the subject site, the location and relative strength of competing retailfacilities and accessibility to the centre, including the road network, public transport and physical barriers.Based on these considerations, the centre’s PTA has been defined to cover a number of areas. Accordingto the market research survey, the areas where the level of market penetration is highest for MLC areessentially sub-districts within Cikarang, including Cikarang Selatan, Cikarang Utara, Cikarang Pusat,Cikarang Timur and Cikarang Barat. The market penetration by MLC is also relatively strong in SerangBaru.The secondary catchment includes areas where MLC attracts visitors from, however the level of customerdraw (market share penetration) is below the level achieved in the PTA. Areas considered to fall within theSTA include Bekasi Timur, Karawang and Bekasi Utara.The trade area, including major competing centres within the trade area, is illustrated in the map below. Asmentioned earlier, Cikarang Selatan, which includes the Lippo Cikarang Estate, provides the major sourceof customers.Figure 4.5.3: Mal Lippo Cikarang trade area1. Cikarang Trade Center2. Mal Carrefour Cikarang3. Sentra Grosir Cikarang4. Mega Bekasi Hypermall5. Bekasi Trade Centre6. Metropolitan Mall645132Mall Lippo CikarangN5KmSource: Jones Lang LaSalle Research and Consulting & Jakarta Street Atlas (Gunther W. Holtorf)As at 2007, the PTA shown on the above map included a population of 462,000 persons while the STAincluded a further 361,000 persons. Based on recent population trends in the area, the primary andsecondary trade areas are forecast to grow by 1.1% per annum between 2007 and 2011, increasing to anindicative forecast population of 483,000 (PTA) and 378,000 (STA).F-86