ACES - Store expansions to tier 2 and tier 3 cities

ACES - Store expansions to tier 2 and tier 3 cities ACE Hardware Indonesia (ACES) is still optimist and expects to have better performance in 2H23 on the back of its promotion strategy and continuous store expansions to tier 2 and tier 3 cities, despite seeing a slow down in its retail sales due to no festive events in 3Q23. Moreover, ACES will continue its innovation strategy to offer a complete shopping experience to its customers with new store concepts and seamless omni-channel experiences. At the same time, ACES will continue its store expansions throughout 2H23 and in 3Q23, ACES will open a new store in Cilacap, Central Java. Note that, ACES targets around 10-15 new stores opening in 2023 and as of Aug '23, ACES has opened 7 new stores in; Tarakan, Batoh, Denpasar, Gianyar, Singkawang, Purwakarta and Bontang. In 1H23, ACES' revenue reached IDR3.63 tn (+9.89% yoy). All in all, ACES also expects a political stability towards general election 2024 in which the campaign period will start to commence in 4Q23 that could boost Indonesian economy especially the retail sector. (Source : Bisnis.com)