Indonesian retail company PT Hero Supermarket (Hero) will spend up to IDR640 billion (USD48 million) this year for business expansion with retail plans to open stores in several cities across the country.
The move will be made to restore the company’s disappointing financial performance earlier this year.
Hero, which operates hypermarkets, supermarkets, convenience stores, drug stores and furniture stores, plans to open four Giant Ekstra hypermarkets and six mid-sized Giant Ekspres supermarkets in several regions, including Bangka and Lombok. Arief Istanto, a director with Hero, said each Giant Ekstra would cost between IDR100 billion and IDR150 billion while the Giant Ekspres would cost about IDR20 billion. It means the company will allocate between IDR440 billion and IDR640 billion in capital expenditure to build the stores this year.
(Source: The Jakarta Post )