UK: Morrisons scoops up HMV stores
By Chris Mercer | 27 February 2013
Morrisons has acquired six HMV stores from the music retailer's administrator, Deloitte, as the grocer seeks to expand its presence in convenience.
No financial details were disclosed for the deal, which comes in the same month that Morrisons acquired 49 former Blockbuster stores across the UK. It has also acquired seven former Jessops shops.
Its clean-up on the high street is part of a plan to rapidly expand the Morrisons M Local store format, as the grocer looks to catch up with rivals Tesco and Sainsbury's in this channel.
Morrisons is offering employees a GBP500 'finder’s fee' if they find convenience properties for Morrisons that are subsequently opened.
"We have either opened or acquired 70 stores just one month into our financial year so we are pleased that we will exceed our 2013 target," said Morrisons' MD of convenience, Gordon Mowat.
"Our focus is now on opening these stores as soon as we can as well as pushing on to secure even more sites."
Sectors: Mergers & acquisitions, Retail
Companies: Morrisons, Tesco, Sainsbury’s
View next/previous articles
Currently reading -
UK: Morrisons scoops up HMV stores
27 Feb 2013 -
Related research
Morrisons | Verdict Company Briefing
A one-stop destination for unique data and opinion on Morrisons' food & grocery offer. We assess its performance, strategic direction and provide Verdict's view on its future....
Morrisons Food & Grocery | Customer Insight
UK Customer Insights 2012 provide a comprehensive analysis of a retailer's customer profile, looking at demographics and spending motivations. The consumer data which makes up each profile is captured through a nationwide survey of 6,000 shoppers....
UK Food & Grocery Retailers 2011
This report provides analysis of expenditure trends, market dynamics and the outlook for the sector in addition to market and category sizes, growth trends, market shares and detailed profiles on the leading players, including key operating statistic...
Related articles
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.
There are currently no comments on this article
Be the first to comment on this article