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

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