Reasons for selling IKEA Sentul City

Jakarta, CNN Indonesia — PT Hero Supermarket Tbk sell IKEA Sentul City Bogor to PT Archipelago Property Development (APD) worth Rp280 billion. APD is an affiliate company of Hero where, both companies have the same board of directors or commissioners and are controlled by the same party, namely Jardine Matheson Holdings Limited. “The total transaction […]

SP Calls Giant Lays 7,000 Employees, This is HERO’s New Plan!

Jakarta, CNBC Indonesia – Retail issuer PT Hero Supermarket Tbk (HERO) said it would provide Giant employees with the opportunity to apply for work again in other company-owned business lines after the permanent closure of Giant outlets. This is the impact of the termination of employment (PHK) of employees because the company decided to close […]

Giant Closes, Here’s Fitch Ratings’ Astonishing Forecast!

Jakarta, CNBC Indonesia – The permanent closure of Giant retail outlets by PT Hero Supermarket Tbk (HERO) starting next July will not necessarily benefit its competitors such as Hypermart, Carrefour and Transmart. This is because retail companies face competition from smaller minimarkets and grocery retailers. Research published by Fitch Ratings explains that while HERO will […]

Workers Threaten to Sue Giant If Severance Pay Is In Accordance With The Copyright Act

Jakarta, CNN Indonesia — The Confederation of Indonesian Trade Unions (KSPI) has threatened to fight back if the management of PT Hero Supermarket Tbk pays severance pay Giant employees who got hit PHK using the mechanism of Copyright Law (Ciptaker Law). KSPI President Said Iqbal said the resistance would be pursued either through legal channels, […]

It turns out that Gegara’s Giant ‘Gives Up’, 7,000 employees will be laid off

Jakarta, CNBC Indonesia – Changes in shopping habits in the community (market dynamics) are considered to be one of the reasons for closing retail outlets in the country. The change in market dynamics has made the trend of monthly shopping to supermarkets decrease. Currently, people have a tendency to look for basic needs in more […]

All Giant Outlets Closed, Aprindo: Hypermarkets Are Already at the Nadir

TEMPO.CO, Jakarta – General Chairman The Indonesian Retail Entrepreneurs Association (Aprindo) Roy N Mandey spoke up in response to rplans to close all stalls Giant at the end of next July. He stated the decision of PT Hero Supermarket Tbk. it becomes reflection of the depressed retail business situation. “As an association of modern retailers, […]

HERO Loss Swelled to Rp. 1.2 T

Jakarta – PT Hero Supermarket Tbk (HERO) continued its poor performance in 2020. Over the past year the company suffered losses of up to Rp 1.2 trillion. Citing the disclosure of information, Thursday (11/3/2021), the incision of the loss was far worse than that of 2019 amounting to IDR 33.18 billion. Even if calculated the […]

The sun, HERO, and the Ramayana were ‘hit’ by Corona, this is the condition

Jakarta – Three retailers in the country were in poor condition in the first nine months of this year or as of September 2020. These three retailers, namely PT Hero Supermarket Tbk (HERO), PT Ramayana Lestari Sentosa Tbk (RALS), and PT Matahari Department Store Tbk (LPPF). As quoted from CNBC Indonesia, Friday (10/30/2020), based on […]

Geez! Ramayana, HERO & Matahari Compact Loss in Q3

Jakarta, CNBC Indonesia – As many as three large domestic retailers, PT Hero Supermarket Tbk (HERO), PT Ramayana Lestari Sentosa Tbk (RALS), and PT Matahari Department Store Tbk (LPPF) recorded poor performance in the first 9 months of this year or as of September 2020. Sales declined during the January-September period amidst the implementation of […]