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Matahari Encouraged by Q1 Figures
Shirley Wibisono | March 17, 2011

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Matahari Putra Prima, the country’s largest homegrown department store, has forecast its sales will increase 30 percent to Rp 10 trillion ($1.14 billion) and plans to open at least 22 new hypermarts in the country this year.

“Good projections within the first quarter of 2011 have convinced us even more that the company is heading in the right strategic direction,” Benjamin Mailool, president director of MPP, said in a statement released on Wednesday.

After a 20 percent increase in sales in the last quarter, Matahari Food Business estimated that its annual sales would increase from Rp 6.5 trillion last year to Rp 7.6 trillion in 2011. Benjamin said the good performance was mostly the result of the company’s hypermarket chain, Hypermart.

In addition to Hypermart, MFB’s properties include supermarket chain Foodmart and pharmacy chain Boston.

MPP estimates its total sales this year will reach Rp 10 trillion, an increase of 30 percent from its previous projection, followed by projected sales of between Rp 14 trillion and Rp 15 trillion during the next year.

“We will focus on a series of aggressive expansions for Hypermart. We have prepared more than 22 new outlets to open this year,” Benjamin said.

He added that it was the company’s highest target so far and that it set the standard for modern local retail businesses.

MPP said the increase mainly occurred during the Lunar New Year period, when it saw comparable growth in store sales of 12 percent. Sales during the period were up 20.5 percent from Rp 273 billion last year.

Its performance was supported by aggressive promotion and marketing. During the first quarter, MPP opened one new stand-alone Hypermart outlet in Lippo Karawaci. Hypermart, a business unit of MPP established in 2004, has grown into the second-largest hypermarket chain in Indonesia behind French retailer Carrefour.

MPP and the Jakarta Globe are affiliated with the Lippo Group.