Morrisons is set to open 400 more of its Morrisons Daily convenience stores as part of plans to take on Aldi and Lidl.
The grocer wants to hit a total of 2,000 smaller stores in 2025, although it has not yet revealed a list of locations, the Mirror reported.
The news comes as Morrisons delivered a “solid quarter of progress” with like-for-likes excluding fuel and VAT up 4.1% in its second quarter as the retailer cut down debt by 35% on peak levels.
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The group, which was snapped up by US private equity firm Clayton, Dubilier & Rice in 2022, reduced its debt levels to £4bn from a peak of around £6.2bn.
In its latest results CEO Rami Baitieh flagged that its Aldi and Lidl Price Match initiative, which launched in February, had got off to a “great start“ and is “giving customers increasing confidence in the competitiveness of our prices across the shop”.
Convenience has remained an “important and strongly growing” channel for the retailer, bolstered by the completion of the McColl’s conversion programme, which has led to over 1,600 Morrisons Daily convenience stores operating across the country as it targets 2,000 locations by 2025.
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They had a convenience store in one of my properties. They still owe me £100,000 in rent a dilapidations. Prospective landlords be warned!
Company needs to focus on getting main stores right for the customer and more importantly for their staff. Also, far to many corporate departments staff on big salaries, who need culling!