Hong Kong-headquartered retailer Diary Farm International has announced the closure of 74 of its PT Hero retail stores in Indonesia.
The network, which includes supermarkets and Starmart convenience stories, has been declining year-on-year, with further store closures expected this year, according to Inside Retail Asia.
“We are closing stores every year and every semester. We believe that we need that to change our portfolio,” Diary Farm finance director Xafier Thiry said.
As well as 39 Starmart stores, ten Ekspres and Hero supermarkets and three Ekstra stores have been closed, long with 22 Guardian pharmacies.