(MENAFNEditorial)
JAKARTA April 24 2015—Jakarta retail market continued to see modest leasing activity during the first quarter of 2015.
Arief Rahardjo Head of Research & Advisory PT. Cushman & Wakefield Indonesia said it had happened due to the closure of one neighborhood shopping center in South Jakarta Mal Matahari Cilandak and no new supply.
Mal Matahari Cilandak will be converted into a stand-alone hypermarket and will enter the market in end of 2015.
“Due to the delayed completion of a trade center in South Jakarta there is no supply in the first quarter of 2015” Arief said in a research Thursday (4/23/2015).
Occupying the space of existing retail centers in Jakarta big F&B tenants dominated the leasing activities during the reviewed quarter.
An Indonesian fashion brand for men namely Wood opens its first flagship store in Grand Indonesia targeting the middle and above segment.
Cotton On is expanding their business in Jakarta this quarter with their new store in Senayan City. Another store of Cotton On will also open in Pondok Indah Mall in the following quarter.
According to Arief other specialty stores are replacing existing tenants and therefore did not affect the overall occupancy rate of the market. Read more..
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.