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).

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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.

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