JAPAN: Daiei to "close 20 stores"

By: just-food.com | 10 May 2010

Japanese retailer Daiei is to close around 20 stores as part of a three-year business plan, according to local reports.

The firm will close the “unprofitable” sites and revamp existing stores in a bid to “restore earnings power”, Nikkei reported on Saturday (8 May).

It is understood Daiei will categorise stores into “five or six groups” based on floor space size and “beef up” its food sections, which generate around 70% of overall sales.

Sectors: Financials, Retail