Partnership with SE Asian Retail Giant
Jakarta, April 11, 2016 AEST (ABN Newswire) - Story-i Limited (
ASX:SRY) is pleased to announce the opening of two additional Apple stores. These stores expand Story-i's retail network in Indonesia to 18 locations in line with the Company's retail strategy in Indonesia.
The Company has recently entered into a relationship with Courts in Indonesia to open an initial two stores within their large format Courts Megastores in Jakarta. Courts is a leading retailer in Southeast Asia with an established footprint of more than 70 locations across Singapore, Malaysia and Indonesia. In addition to the two stores in Jakarta, Story-i will open two further stores within Courts outlets this quarter.
Like Story-i, Courts is progressing an aggressive growth strategy to establish a major retail presence in Indonesia, with a developed pipeline of up to 20 large format stores. As part of this roll out, Courts are currently driving a major marketing strategy which includes a store-wide, cash back promotion on sales that has been extended to cover Story-i stores within Courts Megastores.
Story-i CEO Yulius Halim commented, "The opportunity to be part of the Courts rollout in Indonesia gives Story-i a unique opportunity to establish a presence in prime locations in major cities, a geography beyond the Company's existing strategy. The two prominent Jakarta store locations significantly increase our retail visibility in the nation's capital and complement the 16 existing stores throughout Indonesia. This network provides the all-important physical infrastructure for device sales and servicing that underpins our bourgeoning ecommerce business in Indonesia's fast growing online marketplace."
In addition to increased store presence through the Courts network, Story-i has been awarded the IT service centre point for the Courts Megastore complexes. This agreement further strengthens the partnership between Courts and Story-i and will provide a convenient nodal point for our existing customer network and valuable exposure to customer traffic within the Megastores.
About Story-I Ltd
Story-i Ltd (ASX:SRY); Singapore incorporated Story-I Pte Ltd operates 14 Apple and related stores in Indonesia through its 95% owned subsidiary PT Inetindo Infocom. The Indonesian operations are structured with Story-i branded stores retailing Apple products and accessories, iConnect retailing Samsung and Lenovo phones, computers and lifestyle accessories, and GeekZone providing software, equipment servicing and apps.
Story-i is an Apple Authorised Reseller and GeekZone is an Apple Authorised Service Provider, both located in Indonesia. Story-i is leveraged to the strongly growing affluent consumer population in Indonesia. This demographic shift and the well documented propensity towards mobile phones, personal computers and associated lifestyle accessories underpins the strong demand for Story-i's products. Story-i is following an aggressive growth strategy by organically growing store locations strongly while at the same time greatly extending its consumer reach with its recently launched online and application strategy.
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