Harvey Nichols Closed

MAP PT Tbk (MAPI) to cover the premium retail outlets, Harvey Nichols (HN) from 31 October. The cause of the closure of outlets that sell products that no other fashion supereksklusif because sales are not satisfactory. "Since its opening in 2008, the contribution of HN to only 1 percent of company sales," said Fetty Kwartati, Corporate Secretary MAP.
Since its opening in 2008, the contribution of Harvey Nichols to only 1 percent of company sales.
- Fetty Kwartati

Fetty added, a British department store that had been present to meet the needs of the upscale community of fashion products. However, it turns out, HN targeted consumers who prefer to shop abroad. HN was difficult to achieve sales targets. Fetty added that the timing of opening outlets in Indonesia HN also less fit, namely October 31, 2008, shortly after the financial crisis.

Fetty reluctant to disclose the value of losses due to closure HN MAPI. He just said, its value is not great because the owner of Grand Indonesia (GI) also release funds for the construction of HN stores. MAPI also exempt from the rental fee of 10,000 square meters of space in the mall owned by the Djarum group. "We are exempt from rental fees HN by the mall manager," he explained.

KONTAN According to sources, the development of HN stores in 2008 it cost an estimated Rp 110 billion. However, the cost was borne by a fifty-fifty by MAPI and manager of GI. "Because the GI is not appropriate visitor targets agreed between MAPI and Djarum, Harvey rental fee and then released," said the source.

Fetty said, after closing HN, MAPI will no longer play in the market supereksklusif. "We will focus on the middle-upper segment," he said. Currently, MAPI Sogo has 11 outlets, two outlets Dabenhams, three outlets Java Department Store and a store Seibu.

By the end of the third quarter, MAPI reap Rp 3.39 trillion of sales, up 12 percent over the same period last year, ie Rp 3.02 trillion. Of that revenue, the contribution of the department store business reached USD 916.11 billion or 27% of total revenues for MAPI. However, MAPI net profit of Rp 166.30 billion, down from Rp 148.27 billion due to a decline in foreign exchange earnings.