Retail in Asia

In Shops

Lotte Group to open 5 malls in Indonesia by 2018

The soon-to-open Lotte Shopping Avenue in Jakarta is targeting to hit USD100 million in retail sales by its third year amid immense buying power from middle class consumers, according to Suh Chang Suk, president director of Lotte Shopping Avenue.

Set to be opened on 22 June in the Ciputra World Superblock in South Jakarta’s Kuningan, Lotte Shopping Avenue is the first mall Lotte Group has opened in Southeast Asia.

Okezone.com reported that Lotte plans to invest up to USD500m in Indonesia by 2018. The investment will include five new malls in big cities like Jakarta, Surabaya and Medan.

 

(Source: Jakarta Globe )