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

Leased MallsTable 4.7.3 Major tenants as at 30 June 2007, Ekalokasari PlazaTenantExpiry Date% Grossmonthly rentMatahari Department Store & Market Place Supermarket . . . . . . . . . . . . . . 23-Mar-15 21.6%Gramedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-May-14 5.4%Karisma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29-Feb-24 4.0%Number 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-Dec-08 3.6%Other tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Varies 65.4%Total Centre ............................................... 100.0%Source: Jones Lang LaSalle Research and Consulting, PT. Lippo Karawaci, TbkNote: *Excludes current extensions at Level 3 & Mezzanine4.7.4 Target marketEP targets the middle to middle-upper income segment within Bogor, particularly East and South Bogor(Bogor Timur and Bogor Selatan). Its current market is quite young.Current visitation to the centre is predominantly from the middle income groups. The re-positioning of thecentre, including extensions, aims to attract a greater proportion of the upper income group and istargeting both the youth and young family markets.4.7.5 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 EP are as follows:• The majority of customers come from East and South Bogor, within close proximity to the centre;• 72% of the survey respondents were aged below 25 years old, the highest proportion of youth across allcentres surveyed;• Relatively low average income reported by respondents (the lowest across the eight centres) but this ispartly due to the high proportion of youth in the profile. EP taps into the local middle income(SES C) market, which accounted for 41% of all respondents;• Of the eight centres surveyed, respondents ranked EP highest in terms of customer satisfaction(facilities, range of shops and overall customer satisfaction);• Prime times to visit the mall were on weekends. The busiest times tended to be between 3pm and 6pm.Night time is less popular, but entertainment uses are being added to the centre, which may wellincrease night time visitation;• Main activities undertaken by shoppers were sightseeing/comparison shopping followed by eating,shopping for clothes, meeting friends and visiting bookstores; and• Customers surveyed chose to shop at EP for a range of reasons, including its comfortable atmosphereand complete mix of stores. Customers perceive the mall as a trendy, popular location to visit.EP is in a very good position to build on what is already regarded by its customers as a high quality centrewith a strong tenancy mix. The lifestyle and entertainment uses being added to the centre has the potentialto not only improve the overall shopping experience but increase market share within its trade area.The trade area of EP has been defined based on the findings from the market research survey, the strengthof the subject site, the location and relative strength of competing retail facilities and accessibility to thecentre, 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 EP areF-102