Morrisons Wants To Expand Buying 49 Blockbuster Stores

Morrisons Wants To Expand Buying 49 Blockbuster Stores

  • Posted: Feb 17, 2013
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Morrisons Wants To Expand Buying 49 Blockbuster Stores. The supermarket chain Morrisons is to create 1,000 new jobs by taking over shops from the failed DVD and games rental business.

As we know, Blockbuster company failed at the beginning of this year leaving more than 1,500 jobs at risk. Supermarket chain Morrisons has bought 49 stores from Blockbuster in order to expand its range of ‘local’ shops. Morrisons says its plan will create around 1,000 new jobs.

The shops will turn out into large “convenience” stores and become the rival of Tesco and Sainsbury’s.

The UK’s fourth-biggest supermarket chain also plans to rebrand its convenience store business from M Local to Morrisons M Local

Morrisons had already acquired seven stores from collapsed camera retailer Jessops as it seeks to take advantage of quick access to high street locations to build up its convenience chain.

That has been its accelerating expansion plan after struggling to compete because of its small number of convenience stores, as well as a lack of a grocery delivery service.

Analysts have put the ability of Sainsbury’s, Waitrose and Tesco to whether the economic storm down to the large number of local stores they have opened in the lucrative south east.

Morrisons, which currently has 12 M Local stores, reported a disappointing 2.5% drop in like-for-like sales for the six weeks to December 30, which followed a 2.1% decline in the previous quarter.

The Bradford-based business is leading a fightback under recently-appointed chief executive Dalton Philips.

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