Owner of Golden Truly, a Shopping Center that was a Hit in the 90s Era

Dream - Golden Truly was a retail company in Indonesia that was popular in the 1980s and 1990s. However, this mall has ceased operations since December 1, 2020.

Nevertheless, the company is still actively selling its products on several e-commerce platforms, such as Tokopedia and Shopee. The store even continues to share promotional posts on social media, although it has few followers.

Summarizing from various sources, here is the owner and story of the popular Golden Truly shopping center in its heyday.

Golden Truly originally stood on Jalan Gunung Sahari No. 59, founded by businessman Sudwikatmono (Dwi). The entrepreneur, who is better known as the king of cineplexes, opened the first Golden Truly store owned by him and his wife in 1978.

This business was under PT Golden Dragon (later changed to PT Golden Truly) in the Blok M area with an area of 8,000 square meters.

At that time, Golden Truly was one of the rapidly growing retail companies, opening branches in several areas. However, Dwi's ownership had to come to an end when it was hit by the monetary crisis in the late 1990s.

The ownership of Golden Truly was then transferred to Suryadi Sasmita, a garment businessman mentioned along with his colleagues in the Indonesian Garment and Accessories Suppliers Association (APGAI).

In 2017, Golden Truly closed its store in Depok. This store was replaced by "Truly Premium Outlet" in QBIG BSD City, operated by a different company, PT Truly Anugrah Retailindo (owned by the parent company of Golden Truly, PT Pasifik Atlanta Retailindo).

Unfortunately, the lifespan of that store was also not long. In February 2019, the Golden Truly store in Batam also closed, followed by the store in Gunung Sahari which lost its competitiveness despite operating for more than 30 years.

77 Years in Existence, Revealing the Cause of Tupperware's Bankruptcy

Dream - Tupperware, an American company, is reportedly going through bankruptcy proceedings. The brand of food and beverage storage products beloved by housewives is reported to have experienced a significant decline in sales.

Despite its efforts in recent years to refresh its products to target the younger generation, this strategy has not been able to stop the declining sales.

On the contrary, the debt of the 77-year-old company is increasing. The continuous decline in sales serves as a warning that Tupperware may be heading towards bankruptcy if there is no new investment, as reported by BBC.

Meanwhile, CNN International reported that Tupperware's stock fell nearly 50% on Monday, April 10, 2023.

Tupperware management stated that they would not have enough money to fund operations if they do not receive additional investment. The company is even exploring the possibility of layoffs and reviewing its real estate portfolio for efficiency.

The New York Stock Exchange has also warned that Tupperware's stock is at risk of being delisted for failing to submit the required annual report.

“Tupperware has embarked on a journey to turn around our operations, and today marks an important step in addressing our capital and liquidity position,” said Tupperware CEO Miguel Fernandez in a press release.

“The company is doing everything possible to mitigate the impact of recent events, and we are taking immediate action to seek additional financing and address our financial position,” he added.

Tupperware sales briefly increased during the Covid-19 pandemic as people cooked and baked more at home. However, this achievement turned out to be temporary and did not reverse the sharp decline in Tupperware's stock price.

Catherine Shuttleworth, founder of retail analysis firm Savvy Marketing, believes that the decline in Tupperware sales is largely due to the company's lack of "innovation" over the past 10 to 20 years to compete with its rivals.

Neil Saunders, Managing Director of Retail at GlobalData, added that Tupperware has "failed to adapt to changes" in terms of its products and distribution. Neil also highlighted that Tupperware's direct selling methods are not connected with younger or older customers.

He added that younger consumers also use more environmentally friendly products, such as beeswax paper, to keep food fresh.

Continuing his analysis, Neil Saunders also stated that Tupperware is in a "precarious financial position" as it struggles to increase sales, and because its assets are lightweight, it does not have "much capacity to raise money".

According to him, several issues may have harmed Tupperware, including a sharp decline in the number of sellers, a decline in consumer demand for household products, and a brand that is not fully connected with younger consumers.

“The company used to be full of innovation as a solution to kitchen needs, but now it has completely lost its competitive edge,” said Neil.