Olly Prayudi, corporate director at Fitch Ratings Indonesia, said that although inflation had taken a toll on consumer buying power, which could worsen if subsidised fuel prices were raised, brick-and-mortar retail businesses would still introduce a gradual cost pass-through to avoid hurting domestic consumption more.
HERO’s first-quarter revenue dropped 43 per cent year-on-year to around Rp 1 trillion , while its net loss rose to Rp 67 billion from Rp 1.64 billion in the same period last year. Between the two companies, Fitch projected a more bullish performance from the Alfa Group for its better business model. This was primarily due to subsidiary PT Midi Utama Indonesia, the operator of Alfamidi stores, which had offered wider diversification.
Alfamart’s first-quarter revenue was up 19.07 per cent yoy to Rp 22.91 trillion, while its net profit grew 35.32 per cent yoy to Rp 675.80 billion in the same period.“Consumers no longer prioritise brands, but have shifted to value for money,” Alfamart corporate affairs director Solihin told the Post on Monday.Indomaret, on the other hand, estimated around 1,500 new stores this year due to “high confidence” on its overall sales, while it had opened 800 new stores this year to date.
On the other hand, supermarket chain PT Trans Retail Indonesia, part of conglomerate businessman Chairul Tanjung’s CT Corp, noted that large grocery stores were facing a hard time because of their need to attract a large number of consumers at a time when many had switched to online shopping.
This is evidence of Jokowi's failure to help in Indonesia's economic recovery post COVID19. Jokowi is totally an over rated underperformed President.