Morrisons opens 500th convenience store amidst rise in sales
The retailer announced an improvement in its overall business while also achieving a milestone for its c-store network.
Morrisons has updated investors on trading for the first quarter, reporting an improvement in sales momentum. The retailer also announced it has reached a milestone of 500 Morrisons Daily stores across the United Kingdom with its latest opening.
Some of the highlights of the company’s report include an overall increase in earnings of 3.4% to £4,713 millions and its aim to increase its price cutting programmes to help customers. The firm has also stated that it will continue to focus on MyMorrisons loyalty scheme to further customer engagement.
In regards to its convenience store business, David Potts, CEO at Morrisons, has confirmed the firm’s ambition to expand beyond its recently achieved footprint. The company representative stated its goal to reach 750 Morrisons Daily stores in the autumn and 1,000 early next year.
“We still have plenty of work to do, but momentum in the business is now building with an improving trajectory over the last three quarters and like-for-like sales now in positive territory. Our market share has stabilized, our inflation rate is below our peers, and Morrisons traditional competitiveness, color and dynamism is steadily returning to every part of the business,” said Potts.
Morrisons has franchise partnerships with Rontec, Harvest Energy, Highland Fuels, independents, Sandpiper in the Channel Islands, as well as its own wholly owned convenience business, McColl’s, which was acquired in May 2022. There are now 350 former McColl’s stores trading as Morrisons Daily with around 10 new conversions every week.
