Morrisons, a major UK supermarket chain, has announced plans to open 400 additional Morrisons Daily convenience stores, with a target of reaching 2,000 locations by 2025. This expansion is part of the company’s strategy to compete with discount retailers Aldi and Lidl.
The decision follows a successful quarter for Morrisons, with a 4.1% increase in like-for-like sales, excluding fuel, and total sales rising by 3.7% to £3.8 billion. The company attributes this growth to its focus on three strategic areas: commercial excellence, operations optimization, and new value creation.
CEO Rami Baitiéh highlighted the positive impact of the Aldi and Lidl Price Match initiative, which was introduced earlier this year. This initiative aims to boost consumer confidence in Morrisons’ pricing competitiveness. Baitiéh also noted that customer feedback has been instrumental in shaping the company’s strategies, particularly regarding product availability and the loyalty scheme.
In addition to expanding its convenience store network, Morrisons recently completed the £2.5 billion sale of its petrol filling station business and acquired 38 convenience stores in the Channel Islands from Sandpiper. Currently, Morrisons operates 1,600 convenience stores across the UK.
Morrisons is celebrating its 125th anniversary this year, marking the milestone with the launch of the Basket Bonus scheme. This loyalty program offers customers the chance to win points, rewards, and free products, with a weekly opportunity for some to become More Points Millionaires, receiving a £1,000 bonus to spend in-store or online.
The company’s expansion and loyalty initiatives underscore its commitment to enhancing customer satisfaction and strengthening its market position amidst growing competition in the retail sector.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.