The Jakarta Post
Indonesia’s oldest retailer, PT Sarinah, is seeking to expand its retail and property business in 2018, which will include establishing an overseas presence.
The state-owned company plans to open two stores in Mecca, Saudi Arabia, and Tokyo, which will sell home decorations, handicrafts and Indonesian traditional textiles, among others.
Sarinah had established stores in New York, the United States, and Singapore in the early 2000s, but was forced to shut them down due to financial constraints and lack of competitiveness, according to Sarinah president director GNP Sugiarta Yasa.
“Right now, we are more confident [in opening new overseas branches] because we are cooperating with local partners that are experienced in the retail business,” he said.
For its Mecca store, Sarinah is establishing a joint venture with diversified Saudi firm Al-Burhan Group, wh...