As of March 2021, no longer restricted. Previously, foreign investment in some non-specialised retail activities, namely department store with retail space of 400 m2 – 2,000 m2, was limited to 67% of equity interest.
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 49 OF 2021 CONCERNING AMENDMENT TO PRESIDENTIAL REGULATION NUMBER 10 OF 2021 CONCERNING THE INVESTMENT BUSINESS SECTOR
LIST OF BUSINESS FIELDS WITH CERTAIN REQUIREMENTS
-  Department store with retail space of 400 m2 – 2,000 m2  [see 2019 restrictions below]: Open (without condition)[no longer listed].[...]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
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"Part Three - Shopping Centers and Supermarkets
Paragraph 1 - General
Art 86 [...]
2. In the case of a supermarket in the form of a department store, the establishment of a department store by Business Actors who are:
a. foreign investors must be integrated with Shopping Centers that already have Business Licenses; or
b. Domestic investors can be done independently or integrated with Shopping Centers that already have Business Licenses and / or buildings or other areas.[...]" (Government Regulation No.29 of 2021 on Implementation of Trading Sector [google translation])
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Previously
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"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITION TO INVESTMENT - 
LIST OF BUSINESS FIELDS THAT ARE OPEN UNDER SPECIFIC CONDITIONS [...]
[Distribution - retail]
- Department store with retail spaceextent of 400 m2 – 2,000 m2: a. Foreign capital ownership: Max of 67%; and b. Specific license from the Ministry of Trade only if 1.Located in a mall and not stand alone 2.Addition of outlet stores shall be based on export performance (pay performance). "(PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT)
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
Government Regulation No.29 of 2021 on Implementation of Trading Sector [google translation]
PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT
[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161806/perpres-no-10-tahun-2021">PR10</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161870/pp-no-29-tahun-2021">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>]