LMIRT reopens most malls, retail spaces as Indonesia eases Covid-19 restrictions

LIPPO Malls Indonesia Retail Trust (LMIRT) has resumed operations at 21 of its malls and six of its retail spaces across Indonesia with social-distancing measures in place, its manager said in a bourse filing on Monday. 

This comes as the Indonesian government eases restrictions put in place to counter the spread of Covid-19, amid a "stabilisation in the situation around the pandemic in Indonesia", the manager said. 

The retail landlord's eight malls and two retail spaces within greater Jakarta reopen on Monday, while another 13 malls and four retail spaces outside greater Jakarta have already reopened on different dates since May 13. 

Most retail stores, including dine-in at food and beverage outlets, have reopened except for entertainment outlets such as cinemas and kids' entertainment, which remain closed due to existing government regulations, according to the manager. 

LMIRT's two remaining malls - Mal Lippo Cikarang and Lippo Plaza Ekalokasari Bogor - are scheduled to reopen on July 3, while one retail space, Depok Town Square, is set to reopen on June 16, after the lifting of the large-scale social restrictions in their areas. 

The manager said it is working with the property manager, PT Lippo Malls Indonesia, on retailer engagements, with occupancy rate and future collections being the prime focus, and rolling out marketing campaigns together with retailers to drive footfall. 

It added that it has seen an uptick in the number of consumers within the malls that have reopened since May 13, and is "cautiously optimistic" about the recovery of the trust's mall operations. 

Units in LMIRT closed at 14.3 Singapore cents on Friday, down 0.3 cent or 2.1 per cent.