UK: C-store hungry Morrisons buys Jessops stores
By Dean Best | 4 February 2013
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Morrisons wants "at least" 50 c-stores in network by end of financial year |
Uk grocer Morrisons has snapped up seven stores owned by failed camera retailer Jessops as it looks to push further into the country's convenience channel.
Morrisons, the UK's fourth-largest grocer, is looking to build its fledgling M-Local store network. Rival retailers, particulary Tesco and Sainsbury's, own hundreds of convenience stores but Morrisons only opened its first M-Local in April 2011.
"Last year, we were testing the format. This year is all about accelerating our expansion," a Morrisons spokesperson said. The retailer wants to have "at least" 50 convenience stores by the end of its current financial year, which started today (4 February).
The spokesperson added: "We have a very different convenience format, with much more space for fresh food. We can offer consumers something different."
Four of the Jessops stores Morrisons has acquired are in London. The retailer went into administration last month after failing to withstand competition from online rivals and the growing use of cameras mon smartphones.
Reports in the UK have claimed Morrisons is among a number of food retailers interested in snapping up outlets from two other retailers that have recently moved into administration - music store chain HMV and film rental business Blockbuster. The Morrisons spokesperson declined to comment.
Sectors: Mergers & acquisitions, Multichannel, Retail
Companies: Morrisons, Tesco, Sainsbury’s
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UK: C-store hungry Morrisons buys Jessops stores
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UPDATE 3: UK: Morrisons chief Philips hails "low-risk" Ocado deal
Morrisons chief executive Dalton Philips today (17 May) claimed the UK grocer's venture to launch into the online channel with Ocado was a "great deal" for shareholders and consumers.
UPDATE 2: UK: Ocado "cast-iron clear" Waitrose deal is safe
Ocado CEO Tim Steiner today (17 May) insisted the UK online retailer is "cast-iron clear" its new venture with Morrisons has no bearing on its existing partnership with Waitrose.
Comment: Pragmatic deal for Morrisons, Waitrose risk for Ocado
A deal with Ocado represents Morrisons best route into the UK online channel as it plays catch-up with rivals. For the online specialist, it looks a good deal, although it could threaten its agreement with another partner, Waitrose.
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