Lotte Shopping Co. plans to invest up to Rp9 trillion ($804 million) to open 26 new outlets in Indonesia up until 2013, a company official said Tuesday, Dow Jones reported.
PT Lotte Shopping Indonesia president director Moon Young-pyo told reporters the new stores will boost its total outlets in Indonesia to 45. "We will also double the number of (lines of) goods sold to 30,000," Moon said.
South Korea's largest department store chain operator by sales entered the Indonesian market last year by acquiring PT Makro Indonesia.
Meanwhile, local retail company PT Ramayana Lestari Sentosa indicates sales of Rp5.523 trillion in 2008, 12.9% higher than Rp4.893 trillion in 2007, StockWatch reported.
Danareksa Sekuritas said in an analysis report that Ramayana is expected to record sales growth of 3.8% in 2009 at Rp5.731 trillion, supported mainly by new stores that will be opened in 2009.
The company's net profit is expected to grow by merely 1% in 2009 at Rp403 billion versus the 2008 projection of Rp400 billion.
Earlier, Danareksa set the company's 2009 sales and net profit targets at Rp6.4 trillion and Rp446 billion, but the targets have been revised on worries about retail sales outlook due to the negative impact of the global economic slowdown.