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

Retail Spaces Malls5.4.2 DescriptionCommencing operations in 2004, Metropolis Town Square comprises about 60,734 sq.m of NLA.The subject strata units are currently occupied by Hypermart, Matahari Department Store and Timezone.Other major stores represented in Metropolis Town Square include a bookstore (Utama Bookstore) and acinema (Cineplex 21).Table 5.4.1 Relevant information, Metropolis Town SquareCentre nameMetropolis Town SquareYear Completed. . . . . . . . . . . . . . . . 2004NLA(sq.m)................... 60,734Car Park Spaces . . . . . . . . . . . . . . . 800Motor Cycle Spaces . . . . . . . . . . . . 1,200Strata Unit Area (sq.m.). . . . . . . . . 15,248*Major Tenants in the Centre . . . . . Hypermart, Matahari, Timezone, Utama Bookstore, Cineplex 21Source: Jones Lang LaSalle Research and Consulting* Note: The total area is based on Kiosks Sale and Purchase Binding Agreements and may not be thesame as reflected on the Strata Title Ownership Certificates that are currently being processed.Strata title shop units in Metropolis Town Square are dominated by non-branded fashion retailers,particularly targeted at youth segment. Electronics and telecommunication retailers are highlyrepresented on the Second Floor.The centre targets the middle income segment, particularly young families from residential estates inTangerang.In general, the centre has performed well in relation to the number of shop openings with the estimatedoccupancy rate at above 80%. As a strata title mall, it is reasonably well tenanted and well laid out in termsof zoning.Matahari Department StoreThe Matahari Department Store in Metropolis Town Square is one of three Matahari stores in Tangerang.The department store opened in 2004 but has since relinquished some space to allow Hypermart toexpand.Despite its reduced size, the store accommodates most product lines including fashion, accessories,cosmetics and homewares. The store has performed well since opening and achieved good growth inrevenues.The store targets the middle income segment, as does the Matahari store in Mall WTC Matahari, differingfrom Matahari store in Lippo Karawaci Supermal, which targets the middle-upper income segment. Mostother department stores in Tangerang mainly target the middle to middle-lower income segment. Thesestores include Robinson in Plaza Tangerang, Diamond in D’Best, Ramayana in ITC BSD and PojokBusana in Plaza Serpong.HypermartHypermart is one of six hypermarkets in Tangerang. The other hypermarkets include Giant in SerpongTown Square and a stand-alone Giant hypermarket along Jalan Serpong Raya, Carrefour stores in D’BestPlaza and ITC BSD, as well as other Hypermart stores in Mall WTC Matahari and Lippo KarawaciSupermal. The strongest competition to Hypermart comes from Carrefour in D’Best Plaza, due to itsproximity.5.4.3 Trade area analysisBased on discussions with the store manager of Matahari and Hypermart, the PTA for Metropolis TownSquare covers approximately the whole of Tangerang.F-116