PT Matahari Department Store Tbk will close two more stores by the end of this year: one in Jakarta and one in Lombok. However, the Lippo Group retail company will also open two department stores in South Sumatra and one specialty store in Surabaya.
According to its September 2017 financial report, the company (stock code LPPF) operates 156 stores. This comprises 43 stores in the Jabodetabek area, 51 stores in Java (excluding Jabodetabek), and 62 stores outside Java. This represents a five-store increase compared to the end of 2016.
The stores being closed are located in Mal Taman Anggrek, West Jakarta (closing December 3, 2017), and Lombok City Center, West Nusa Tenggara (closing December 31, 2017). Both leases will expire and will not be renewed. Previously, Matahari Department Store closed two stores in Pasaraya Blok M and Manggarai. Several other retailers, such as Ramayana, Hypermart, Lotus, and Debenhams, have also been forced to close stores due to low customer traffic.