Matahari opens new store in Padang

JAKARTA. Matahari Department Store has opened a new store in Padang, West Sumatra, as part of the company’s aggressive expansion plan this year.

Matahari, which is listed on the bourse under the code LPPF, opened on Sunday the new outlet with a total area of 7,300 square meters at Sentral Pasar Raya Plaza, bringing its total outlets to 131.

“The capital expenditure for each new Matahari store ranges between Rp 20 billion [US$1.6 million] and Rp 30 billion, with the funds coming from internal cash,” the company said in a statement published on the Indonesia Stock Exchange (IDX) on Monday.

The retailer has previously stated that it aimed to have 15 more new stores this year.

LPPF, which sells fashion, beauty and home products, booked Rp 1.06 trillion net profit in the first nine months of this year, a 27.7 percent increase from the same period last year.

LPPF CEO and vice president director Michael Remsen said previously that his firm would continue having a positive outlook for the rest of the year as it saw continually growing revenues driven by increased disposable income in its targeted consumer segment.

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