Morrisons is stepping up its rate of store conversions from three a week to four, the chain has revealed.
Following last week’s hike in the share price by 15 per cent, the retailer said it was aiming to have all of its 400 Safeway stores converted by the end of next year.
So far it has converted 41 of its newly acquired stores which have all seen underlying sales growth of 13 per cent, compared to declining sales of 7.9 per cent in unconverted stores.
Sir Ken Morrison, chairman, said: “The integration process is now complete. We are now concentrating on conversions, we have achieved our objectives.”
