Selfridges-owned Dutch department store group De Bijenkorf is to invest €200m into seven new flagships as it closes five of its 12 stores which do not fit its “premium experience” model.

De Bijenkorf, which Selfridges bought in 2011, is closing two branches in Arnhem and Enschede on January 1 next year which Primark is understood to be taking over.

A further three closures will be made in Groningen, Breda and Den Bosch when the leases expire in spring 2016.

Some 262 jobs are at risk due to the closures however 500 new positions will be created through the seven new openings over the next five years.

De Bijenkorf said that its “premium experience” strategy is “designed to meet the Dutch consumer’s growing appetite for international luxury brands, premium service, and a shopping experience of international stature.”

It said: “De Bijenkorf’s decision to invest in creating a more premium experience in its flagship stores and online is absolutely the right thing for the brand’s long term success. However, the decision to close branches is never taken lightly, and was done so on the basis of strong evidence that the new strategy will leave De Bijenkorf in the best position for a successful future and roll-out of its long-term ambition.”