, Indonesia
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Three new shopping malls to open in Jakarta in 2023

Knight Frank said six more malls will open by 2025.

Jakarta will see the opening of three new retail projects in 2023, including a food and beverage concept in North Jakarta, according to Knight Frank.

Knight Frank said the three new retail projects bring the total mall supply in the city to over 4.9 million square metres (sqm). By 2025, six more shopping mall projects will opponents with a total of 292,109 square metres.

The lifting of restrictions in Jakarta resulted in several tenants reporting strong growth such as footwear, fashion, and cosmetic products. In the second half of 2022, the average retail space occupancy rate rose slightly o 78.8%, with the average rental price and service charge posting around 1.2% year-on-year growth.

READ MORE: Jakarta to see 700,000sqm of new office supply by 2025

Willson Kalip, Country Head of Knight Frank Indonesia, noted that the retail performance in the city remains uneven as performance improvements are not shown by all retail classes.

“Retail managers need to have adaptability quickly to keep up with the dynamics of current trends, including by improving the quality of buildings (building upgrades) so that the value of their assets can continue to be considered as a prospective asset,” he said.

Syarifah Syaukat, Senior Research Advisor at Knight Frank Indonesia, said that several food and beverage closed their retail outlets in 2022.

“However, this will not have a significant effect as retail space is still strong for other potential tenants from the fashion, electronics, e-commerce, groceries, sport apparel and games or kids playgrounds sectors," Syaukat said. 

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