Carrefour will begin refurbishing its largest stores in Europe in 2011 as part of a two-year, €1.5bn (£1.25bn) project aimed at reviving the retailer’s core business.

The group estimates this strategy will add €315m (£263m) to its operating profit by 2013. Carrefour plans to refurbish about 500 stores in its main European markets of France, Spain, Belgium, Italy and Greece by the end of 2012. The 245 largest stores will be renamed Carrefour Planet, while 255 slightly smaller stores will carry the Carrefour name.