Delhaize has unveiled a plan that will see the Belgium-based retailer cut costs and expand its discount formats and operations in growth markets.

The company unveiled its "new game plan" at an analyst meeting in Greece today (3 December).

Delhaize is aiming to cut costs annual costs by an extra EUR300m 2012, which it said can then be invested in the group's price positioning and store openings as well as supporting profits.

Delhaize said that it will increase price competitiveness in all its markets, with the accelerated opening of budget outlets and investment in lowering prices.

The group has also increased its focus on the "growth" markets of Greece, Romania and Indonesia. Delhaize will triple its number of budget store openings in these markets over the next three years, to 250 outlets.

The group, which operates stores in the US under the Food Lion and Hannaford banners, added that there is the potential to expand through acquisitions.

According to Delhaize, the plan means a greater focus on accelerated growth, increased efficiencies and stronger intra-group integration.

"Today, Delhaize Group has a strong and proven building platform of leading brands and market shares, best-in-class profitability and a solid balance sheet," said president and CEO Pierre-Olivier Beckers.

"The goal ... is to deliver value leadership in all our markets leading to superior revenue and profit growth, and to make Delhaize a more effective acquisition platform through additional synergies, shared knowledge and shared services," he added.