Aeon has announced plans to shutter a further 20 of its supermarkets, taking the total number of store closures to 60 stores.
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Japan’s biggest retailer said it would close down its money-losing Jusco and Saty stores in the Tohoku region and western Japan.
A plunge in profits reported earlier this year underscores the pressing need for the company to accelerate restructuring in reaction to the slowdown in consumer spending and recent food price hikes, an Aeon spokesperson told just-food.
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By GlobalData
Many of the stores are ageing, mid-size outlets and their closure is part of Aeon’s emphasis on improving the efficiency of its domestic operations.
Aeon added that it aims to raise JPY300bn (US$3.04bn) by February 2011 by factoring existing store assets out of the cost of future expansion.
