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Coles to close stores amid $1 billion cuts in costs

Coles is projecting it will cut $1 billion in costs after announcing upgrades to technology and the cutting of staff in the head office.

Coles chief executive Steven Cain believes the move is necessary to offset rising costs in energy and wages.

The company said it would slow the rate at which it opens new stores, and will be closing low-profitability stores after losing market share to Woolworths and Aldi.

Queensland University of Technology Business School’s Dr Gary Mortimer tells Ross Greenwood they will change their price message.

“An everyday low price strategy will increase consumer trust in price.”

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