Several potential buyers have been sent information memorandums outlining Morrisons' plans to sell stores under 15,000sq feet. These sales are in addition to 52 Safeway stores Morrisons needs to sell to meet regulatory requirements set out by the competition commission. Analysts said that the smaller stores would likely be offered in parcels rather than one lot. Interested buyers are rumoured to be the Big Food Group, which bought 19 Safeway stores and the Co-op Group, currently expanding its convenience store chain.
Latest performance figures for Safeway say a sales fall by eight per cent for the 12 weeks to May 23. Morrison is cutting process by an average of six per cent on 8,000 items, though it will be several months before the prices cuts have an effect on sales levels.Several potential buyers have been sent information memorandums outlining Morrison’s plans to sell stores under 15,000sq feet.
The store sales are additiontional to the disposal of 52 Safeway stores that Morrison needs to sell to meet regulatory requirements set out by the competition commission. Analysts said that the smaller stores would likely be offered in parcels rather than one lot. Interested buyers are rumoured to be the BIG Food Group, who bought 19 Safeway stores and the Co-op Group, currently expanding its convenience store chain. Latest performance figures for Safeway say a sales fall by eight per cent for the 12 weeks to May 23. Morrison is cutting process by an average of six per cent on 8,000 items, though it will be several months before the prices cuts have an effect on sales levels.
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