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Matahari allocates Rp 500 billion in capex
Lippo Group’s PT Matahari Department Store has allocated Rp 500 billion (US$36 million) in capital expenditure ( capex ) for 2018.
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Matahari Department Store marketing and store operations director Christian Kurnia (left) and Walt Disney Company Indonesia country manager Herry Salim pose with a Donald Duck character at a press conference in Jakarta on Oct. 11. (JP/Rachmadea Aisyah)
L
ippo Group’s PT Matahari Department Store has allocated Rp 500 billion (US$36 million) in capital expenditure (capex) for 2018.
Matahari Department Store chief financial officer Maria Clarissa Fernandez Joesoep said on Friday the capex would be primarily used to open new stores, renovate existing stores and finance product development.
"Around 30 percent of the budget will be used to open new stores. We might open one to two stores in Java and three to four others outside Java," she said during a public presentation in Jakarta.
Last year, the company opened eight new stores but closed four. It currently has 153 stores across the country.
The capex is bigger than the Rp 323 billion in 2017 as the company needs to renovate up to 20 stores, while last year it only renovated 15 stores.
Clarissa added that the company would also use the capex to develop new products, particularly Disney apparel as it signed a licensing agreement with an American company last year.
"We will also work with designers from the British government-backed Indonesia Fashion Forward program to design exclusive Muslim clothing for us," she said. (bbn)
