VIVAnews - It is predicted that shopping malls development across Indonesia will grow more rapidly this year in line with the increasing number of the middle class. The development will be spread around main cities as well as medium and small cities.
Head of Indonesian Real Estate Central Board, Teguh Satria, said that the rising consumption rate in the aftermath of the 1997-2001 economic crisis has given the business community an incentive to build shopping centers.
"Shopping malls, which were previously built in big cities having large numbers of inhabitants, are now being developed in medium and small cities," said Satria on Wednesday, Jan. 14.
According to Satria, the growing size of middle class society as well as a shifting lifestyle have triggered the rise of shopping malls outside of Java.
Satria cited the fact that several medium cities with inhabitants of around 500 thousand to one million in Sumatra and Kalimantan have recorded rapid shopping malls development.
Meanwhile malls in big cities continue to be popular. "In big cities, shopping malls have been places for families to go on vacation," he said.
He forecasted that in 2009, the occupancy rate of shopping malls will increase by 87 percent with a cumulative supply of around 3.5 million square meters. The uncontrolled growth of new shopping malls pushed the occupancy rate from 86 percent in 2003 to 78 percent in 2007. However, visits to shopping malls have increased by 87 percent.
Translated by: Bonardo Maulana Wahono
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