Matahari to open 12 outlets in '04

Matahari to open 12 outlets in '04

JAKARTA: Indonesia's retailer PT Matahari Putra Prima plans to open at least six new department stores and six new supermarkets next year to boost its sales, Matahari's spokeswoman, Renata Lyfan, said on Friday.

"We plan to open at least 12 new outlets next year," she said, adding that the number may increase if the company sees more business opportunities.

The company plans to invest at least Rp 250 billion (US$29 million) to open the new outlets in 2004.

Matahari, which enjoys a 20 percent share in the domestic retail industry excluding traditional markets, has so far opened eight supermarkets and six department stores this year.

Renata said the company will open another new department store in Jakarta early next month, bringing the total number of new outlets this year to 15.

Matahari embarked on an aggressive expansion this year after it finished a management restructuring last year.

The organizational restructuring started in 1997 when the Lippo Group bought majority ownership in the company. Since 2000, the restructuring had virtually halted expansion, with the firm opening only one or two outlets per year. -- Dow Jones bailout. -- AFP