Jakarta Retail Market Highlights 1H2020

As of the first half of 2020 the cumulative total stock of Leased Mall space decreased negligibly by 0 6 to 3 096 628 square meters due to the renovation of Sarinah Thamrin Plaza and the cumulative total stock of Strata title Mall space remained unchanged at 1,651,199 square meters Amidst the pandemic, the market saw the ability of retail mall owners to be creative by converting older retail malls for temporary or permanent uses into a hospital or a logistics and warehousing.

In April 2020 Lippo Group has turned its Lippo Plaza in Mampang South Jakarta into a new Siloam emergency COVID 19 hospital. 

The occupancy rate of Leased Mall retail space was 90 3 representing a small increase of 0 7 yoy while the occupancy rate of Strata title Mall retail space was 80 5 representing a minor decrease of 0 3 yoy The lower occupancy rate of Strata title Malls as compared to Leased Malls is due to difficulties in controlling the trade mix as well as operating and positioning the mall as a single operating unit.