Retail in Asia

In Shops

Hero shuts down 74 stores as purchasing power weakens in Indonesia

Indonesian retail company PT Hero Supermarket (Hero) has closed the doors of dozens of its stores during the first half of this year to cut costs amid the domestic economic slowdown that has weakened purchasing power.

The company said last Friday that it had closed down 74 of its 715 stores in operation.

Sixty-one of the closed stores were small-format stores, while the remaining 13 were large format. The small-format stores comprised 39 Starmarts and 22 Guardians, while the large formats involved 10 Ekspress or Hero and three Ekstras, according to the company’s finance director Xafier Thiry.