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Jakarta malls struggle to raise occupancy rates despite festivities
The occupancy rates of Jakarta’s middle- and lower-tier malls stagnated in the first quarter of the year despite major holiday periods such as Chinese New Year and Ramadan.
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People perform a lion dance, also known as barongsai, ahead of the Chinese Lunar New Year of the Rabbit at Pondok Indah shopping mall in Jakarta on Jan. 20, 2023. (Reuters/Ajeng Dinar Ulfiana)
T
he occupancy rates of Jakarta’s middle- and lower-tier malls stagnated in the first quarter of the year despite major festivities periods such as Chinese New Year and Ramadan.
The city’s middle-tier malls clung to a 69.9 percent occupancy rate while their lower-tier counterparts remained stagnant at 50 percent, Colliers data shows. Both failed to budge from the previous quarter’s figures.
“Malls in the middle-lower segment are not as intensively upgraded,” Colliers head of research Ferry Salanto said at a press briefing on Wednesday.
Malls in more premium segments, on the other hand, appeared to be more proactively upgraded, including property renovations and tenant curation when necessary, he added.
Jakarta’s upper-middle-segment and premium malls had strong occupancy rates of 87.9 percent and 86.2 percent, respectively, in the first quarter, a slight uptick from the previous quarter.
Supermarkets emerged as coveted anchor tenants, according to the Colliers data, exerting significant influence on overall mall occupancy levels.
Overall, malls in Jakarta had a robust 74.3 percent occupancy rate in the first quarter, while their counterparts in Greater Jakarta lagged behind at 69.7 percent.
