Morrisons has acquired seven former Jessops stores for its growing M Local format
50 new stores this year
The retailer has today announced it has acquired seven former Jessops stores from administrators which are expected to open under the M local banner. Morrisons has reported its intention to open 50 new M Local stores this year, highlighting the strategic focus the retailer is placing on the expansion of its convenience chain.
Convenience is a big opportunity
A spokesman for Morrisons commented "We can confirm that we have acquired the seven sites subject to landlords' consent. We have a target to add 50 new convenience stores this year. We believe the convenience store market is a big opportunity".
New store growth
Morrisons, along with Sainsbury's and Tesco are also believed to be looking at Blockbuster and HMV units since these businesses entered administration. The interest in these locations shows the demand from UK convenience operators to expand their share of the market through new store growth.