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

Retail Spaces MallsThe centre has the benefit of being the first strata title centre built after 2000 in Serpong, with most of theshop units sold to individual owners. It has performed well with an estimated occupancy rate of about 90%based on all tenant types. The vacancies are mostly on the low visitor traffic areas on the upper floors.Matahari Department StoreThe Matahari Department Store in Mall WTC Matahari is one of three Matahari stores in Tangerang. It isrelatively small in size at approximately 3,470 sq.m and is not considered a full-line department store. Thestore focuses on products in the apparel, beauty and accessories categories.The store targets the middle income segment in line with the target market of the centre in general. Thetarget market is the same as the Matahari store in Metropolis Town Square, differing from the Mataharistore in Lippo Karawsaci Supermal, as this is targeting the middle-upper income segment. The otherdepartment stores in the Serpong area target the middle to middle-lower income segment. These storesinclude Ramayana in ITC BSD and Pojok Busana in Plaza Serpong.HypermartOpened in 2005, the Hypermart is one of six hypermarkets in Tangerang. The other hypermarkets includetwo Giant stores, one in Serpong Town Square and a stand alone Giant hypermarket along Jalan SerpongRaya, Carrefour stores in D’Best Plaza and ITC BSD, as well as other Hypermarts in Metropolis TownSquare and Supermal Karawaci.The store’s primary competition is considered to be the Giant hypermarket at Jalan Raya Serpong (whichis located about 400 metres south of the centre) and Carrefour in ITC BSD, about 2.5 kilometres furthersouth.5.7.3 Trade area analysisBased on discussions with the store manager of Matahari and Hypermart, the PTA for Mall WTC Matahariis considered to cover residential estates in the Serpong area which is located within Tangerang Regency.The trade area of Mall WTC Matahari is illustrated in the map below.Figure 5.7.2 Mall WTC Matahari trade area1. ITC BSD2. BSD Junction3. Plaza BSD4. Plaza Serpong5. Supermal Karawaci6. Serpong Town Square7. Metropolis Town Square8. Giant (Stand Alone)9. Summarecon Mal Serpong76594Mall WTC Matahari831 2Source: Jones Lang LaSalle Research and Consulting & Jakarta Street Atlas (Gunther W. Holtorf)F-125