Giant Employee's Tears: Giant Falls, Finally It's All Over
JAKARTA - The management of PT Hero Supermarket Tbk (HERO) stated that all Giant outlets will be closed by the end of July 2021. The Company will focus more on working on outlets that are considered more 'produce', namely IKEA, Guardian, and Hero Supermarket.
News of the closure of all Giant outlets also became a conversation on social media both Twitter, TikTok, and Instagram and Facebook. On TikTok circulated a video uploaded by one of Giant's employees named @shinta84.66, on Tuesday, May 25.
"Finally it's all over... GIANT fell #giantclosing #giant #tutuptoko #closingstore," wrote @shinta84.66 in the video's caption, quoted by VOI, Wednesday, May 26.
Previously, Director of HERO Hardianus Wahyu Trikusumo, said the reason for the company is as a quick and appropriate response from the company needed to adapt to the changing market dynamics, especially related to the switch of Indonesian consumers from hypermarket format in recent years, a phenomenon that is also happening in the global market.
"This plan is expected to have a positive impact on the company's operational activities, financial condition or business continuity," he said in an information disclosure at the Indonesia Stock Exchange (IDX), Tuesday, May 25.
As of the first quarter of 2021, HERO still recorded losses attributable to owners of the parent entity amounting to Rp1.64 billion, lower than the loss in the same period in the previous year of Rp43.55 billion.
This loss can be reduced considering that the company managed to reduce operating expenses to Rp514.89 billion from rp774.48 billion. Meanwhile, in terms of revenue, revenue was corrected 32 percent to Rp1.76 trillion from Rp2.60 trillion a year earlier.
Strict social restrictions, domestic travel bans and in particular, the closure or enforcement of strict restrictions in shopping malls have substantially changed customer spending patterns and reduced the number of customer visits.