News of retail store closures continues. Now, Giant supermarket is closing five of its stores in neighboring Malaysia starting November 5, 2017, by not renewing its store contracts, aiming for efficiency. Giant is a subsidiary of PT Hero Supermarket Tbk (HERO). HERO is a pioneering mini-supermarket company in Indonesia, established in 1971.
Previously, all 7-Eleven stores closed in the middle of this year, followed by several Matahari, Ramayana, and Hypermart stores also closing due to declining sales. Then, Lotus stores owned by PT Mitra Adiperkasa Tbk (MAP) also closed all their outlets due to lack of economic viability, and Debenhams will also close at the end of this year.
Based on HERO's financial report for September 2017, the company manages a total of 450 stores. This comprises 250 Guardian stores, 108 Giant Ekspres stores, 57 Giant Ekstra stores, 32 Hero Supermarket stores, 2 Giant Mart stores, and 1 IKEA store.