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View all search resultsIndonesian economy suffers heavy losses from riots
Retailers have suffered an estimated Rp 500 billion (US$33 million) in lost sales over five days of unrest, while small businesses saw revenue plunge by up to 90 percent as demonstrations disrupted operations and supply chains.
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People shop at a mall on April 9, 2023, in Serang, Banten. (AFP/Dziki Oktomauliyadi)
R
ecent violent protests in Jakarta have cost the city’s retailers an estimated Rp 500 billion (US$30 million) in lost sales from Aug. 28-Sept. 1, according to Indonesian Retail and Tenants Association (Hippindo) chairman Budihardjo Iduansjah.
“Our rough calculation for Jakarta alone shows that over the past five days, the loss in sales could be around Rp 500 billion. This drop happened because some malls closed entirely, while others closed earlier than usual,” he told The Jakarta Post on Monday, adding that luxury and fashion retailers as well as department stores saw particularly sharp declines in footfall.
Meanwhile, suburban supermarkets and hypermarkets saw a 10–15 percent spike in weekend sales compared to the previous weekend.
“Perhaps due to panic-buying, supermarkets, hypermarkets and minimarkets saw an increase in sales. Not just in the city center, but in suburban residential malls, such as those in Serpong, Cibubur and Bekasi,” he said.
He added that Hippindo was coordinating with the Jakarta government, security forces and retail stakeholders while urging quick government action to improve public order and ensure business continuity and restore confidence for shoppers, businesses and investors.
“When people are afraid to go out, investors hold back and negative news spreads, many investors ask how things are in Indonesia, that’s bad news. Tourists cancel [trips], and so many exhibitions have been called off. These events usually bring in traffic from abroad, with exhibitors and visitors and all of that keeping money circulating,” said Budihardjo.
Asked about footage spread online showing empty luxury boutiques, Budihardjo confirmed that some retailers had secured high-value items as a standard precautionary measure but added that operations had returned to normal on Monday.
