International fashion and F&B brands continue expanding in Jakarta’s prime retail market

• Second quarter demand remained active across the fashion and F&B segments, with several international brands opening their first Indonesian stores in Jakarta’s prime shopping centres, reinforcing the city’s position as a regional retail destination.
• Golden Goose and COS entered Indonesia through Jakarta locations during the quarter, while ACE Hardware and KKV reopened stores following earlier exits. Fast fashion consolidation continued as replacement tenants absorbed vacated spaces.

No new prime mall supply enters the market as vacancy rates tighten further

• No new prime shopping malls opened in Q2 2026, while the vacancy rate improved slightly to 4.1%. Strong demand in established shopping centres continued supporting occupancy across Jakarta’s prime retail market.
• Limited availability further intensified competition for quality retail spaces in well-performing locations, while the prime mall pipeline remains constrained with Kota Kasablanka Extension (56,000 sqm) expected in 2029.

Rental rates remain stable with slight quarterly growth in prime shopping centres

• Prime shopping mall rental rates increased slightly by 0.25% quarter-on-quarter in Q2 2026. Stable occupancy levels and sustained retailer demand continued to support gradual rental growth in established prime locations.
• No retail investment transactions were recorded during the quarter. International retailers continued to prioritise prime mall locations despite limited availability and stable rental conditions.

Outlook: International brand expansion continues as limited supply supports stable occupancy in prime retail locations

• International fashion and F&B brands are expected to continue entering Jakarta’s retail market through the remainder of 2026. Limited prime retail availability will likely sustain competition for space in established shopping centres.
• Landlords are expected to maintain cautious rental adjustment strategies while monitoring tenant performance and market conditions. With no additional prime mall supply anticipated in 2026, occupancy levels are likely to remain stable.