Department store operator Isetan Mitsukoshi Holdings Ltd. may launch operations in Indonesia by opening an Isetan outlet in Jakarta possibly in 2015, sources said.
The company believes Indonesia is a promising market because of its rapid economic expansion. In addition, Indonesia has a population of over 200 million, the largest among Southeast Asian countries. A specific location for the planned first Isetan store will be decided later.
"The income levels of wealthy individuals and middle-class people in Indonesia are rising, and consumers' appetite to spend is increasing there," Isetan Mitsukoshi President Hiroshi Onishi said Tuesday.
Noting that a growing number of foreign retailers are launching operations in Indonesia, Onishi said, "Now is the best time to advance into the nation. . . . Otherwise, we will be too late."