Bandung, IndonesiaSentinel.com — ACE Hardware is leaving Indonesia on December this year, after 29 years of operation. The closure was made after its license holder, PT Aspirasi Hidup Indonesia Tbk, decided not to continue the license agreement with ACE Hardware International Holdings, Ltd., which will expire on December 31, 2024.
“This is in line with the company’s focus and business development plans in the future to respond to market trends and consumer preferences that continue to evolve,” said PT Aspirasi’s press release quoted from the Indonesia Stock Exchange Disclosure Information, September 3, 2024.
Ace Hardware is a retail company brand from Illinois, U.S., operated by Kawan Lama Group in Indonesia. As the company license agreement with ACE Hardware International Holdings wasn’t extended, the name “Ace Hardware” would also be left behind. Thus, the Ace Hardware retail store will change their name, but it has not yet been announced.
“We are very confident that the careful preparations that we are working on will be able to maintain the company’s position as a market leader, maintain strong competitiveness in the retail industry, be more relevant to the needs of each customer, and have a greater positive impact on all stakeholders,” said Director of PT Aspirasi Hidup Indonesia Tbk, Gregory S. Widjaja.
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He said that his company is committed to presenting a new variety of product and service innovations that are more in line with the needs and aspirations of customers in Indonesia. The company is optimistic that it can go further to create more relevant and sustainable business growth, and improve the customer shopping experience to become a source of inspiration for a better life.
The company is currently preparing to launch a new brand identity that reflects its commitment to quality and service excellence, which is scheduled to be introduced to all customers in early 2025.
ACE Hardware in Indonesia was established 29 years ago, with a network of 241 stores spread across 73 cities in Indonesia counted up to this day. In its latest financial report, ACE recorded positive performance throughout the first semester of 2024, gaining a net profit of Rp366 billion (USD $24 million), or an increase of 21 percent over the same period last year. ACE revenue also grew 14 percent, with Rp4.1 trillion (USD $264 million) revenue earned by the company throughout the first semester of 2024.
(Raidi/Agung)
