Mitra Adiperkasa (MAPI), which operates retail outlets for middle income group in the society, reported strong sales growth of 28.3% last year, pretty much in contrast to Ramayana (RALS), serving mostly lower income group, which reported less than 5% growth. Growing middle class has been widely considered main attraction to investments in the modern retail. But, MAPI’s 2013 results suggested everybody to watch out closely the bottom lines…
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