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Morrisons adds HMV stores to its basket Morrisons adds HMV stores to its basket
(7 months later)
Morrisons has snapped up six HMV stores from the failed music company's administrators as part of its continuing drive to expand its convenience store operation.Morrisons has snapped up six HMV stores from the failed music company's administrators as part of its continuing drive to expand its convenience store operation.
The new stores will be converted into Morrisons M local branches and opened this summer, adding to its current roster of 49 former Blockbuster stores and seven former Jessops shops which it bought over the last two months.The new stores will be converted into Morrisons M local branches and opened this summer, adding to its current roster of 49 former Blockbuster stores and seven former Jessops shops which it bought over the last two months.
It is the first sale of HMV stores since the company collapsed into administration at the start of the year, with 1,500 staff already axed, 103 stores closing and a further 1,500 jobs under threat.It is the first sale of HMV stores since the company collapsed into administration at the start of the year, with 1,500 staff already axed, 103 stores closing and a further 1,500 jobs under threat.
Morrisons bosses hope to challenge the dominance of Tesco and Sainsbury's in the convenience store market but with only 13 stores open so far, they have an uphill battle on their hands.Morrisons bosses hope to challenge the dominance of Tesco and Sainsbury's in the convenience store market but with only 13 stores open so far, they have an uphill battle on their hands.
Morrisons have made it clear in the past that they want to expand in London and the south-east in particular, however, the six stores are dotted around the country. The six stores are in Chesterfield, Newbury, Enfield, Scarborough, Lancaster and Wood Green. The supermarket opened its first London convenience store on Monday and wants to open at least 70 by the end of the year.Morrisons have made it clear in the past that they want to expand in London and the south-east in particular, however, the six stores are dotted around the country. The six stores are in Chesterfield, Newbury, Enfield, Scarborough, Lancaster and Wood Green. The supermarket opened its first London convenience store on Monday and wants to open at least 70 by the end of the year.
Chief executive Dalton Philips is under pressure after Morrisons posted a 2.5% fall in sales over Christmas, which left it trailing behind the growth of rivals Tesco, Sainsbury's and Asda over similar periods.Chief executive Dalton Philips is under pressure after Morrisons posted a 2.5% fall in sales over Christmas, which left it trailing behind the growth of rivals Tesco, Sainsbury's and Asda over similar periods.
This month, Morrisons acquired seven shops from the failed camera chain Jessops and 49 from the collapsed DVD rental firm Blockbuster, with half of the latter being in the South East.This month, Morrisons acquired seven shops from the failed camera chain Jessops and 49 from the collapsed DVD rental firm Blockbuster, with half of the latter being in the South East.
The company are so keen to find new sites to set up its M stores, it is offering staff a £500 bonus if anyone can identify empty properties it turns into the new shops.The company are so keen to find new sites to set up its M stores, it is offering staff a £500 bonus if anyone can identify empty properties it turns into the new shops.
Gordon Mowat, Managing Director of Morrisons Convenience said: "We have either opened or acquired 70 stores just one month into our financial year so we are pleased that we will exceed our 2013 target.Gordon Mowat, Managing Director of Morrisons Convenience said: "We have either opened or acquired 70 stores just one month into our financial year so we are pleased that we will exceed our 2013 target.
"Our focus is now on opening these stores as soon as we can as well as pushing on to secure even more sites.""Our focus is now on opening these stores as soon as we can as well as pushing on to secure even more sites."
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