Japanese supermarket chain Daiei Inc has announced that it is to launch a new nationwide chain of stores selling men's clothing and specialising in low priced, quality, business suits.

Officials from the company told Japanese newspaper The Yomiuri Shimbun that the plan to sell suits at prices of 9,000 yen ($77.5) and 19,000 yen ($163.7) were part of an effort to revitalise the company.

The company will open the first of its new stores on March 1 and will see a total of 50 stores opening before the end of the year.

Some observers have already drawn parallels between the Daiei Inc strategy and that of the very successful Uniglo chain of budget clothing.