MATAHARI DEPARTMENT STORE ACHIEVES ITS 2017 STORE OPENING TARGET - ACTIVELY SEEKING TO ACCELERATE STORE EXPANSION PLANS
PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) is planning to open 2 new department stores this month, and an additional Nevada specialty store in December. The 2 department stores will be located in Baturaja and Lahat, both located in South Sumatera. Matahari Baturaja will open on 23rd November 2017, and Matahari Lahat will open on 30th November 2017. The new Nevada specialty store will open at Pakuwon Mall, in Surabaya.
Richard Gibson, CEO and Vice President Director of the Company said, “We are very excited about these 3 new store openings. The 2 new department stores will be opening in new cities for us, giving us the opportunity to bring our merchandise assortments to 2 new markets. Our new Nevada store in Surabaya follows our successful test in the Jakarta market, allowing us to showcase the Nevada brand in its own unique shopping environment. As we move forward we are actively and opportunistically looking to accelerate our new store opening plans, including in those areas where other department stores have closed. We see the current market weakness as an opportunity for stronger players like ourselves to increase market share, and be well positioned for future growth once the market bounces back. With the 3 new store openings, less 2 expired leases (Mall Taman Anggrek Jakarta and Lombok City Center) that will not be extended, we will have 155 stores in total by the year end.”