Morrisons buys Jessops stores for local expansion plans

Morrisons has bought seven Jessops stores from administrators in a bid to redeem itself following a rocky festive season.
The UK’s fourth largest supermarket acquired the collapsed camera retailer for an undisclosed fee and the shops will be used to expand its convenience arm M Local.
Currently, Morrisons has 12 local stores and with the new additions – four of which are in London, two are elsewhere in England and one is in Scotland – it will have a total of 19.
Dalton Philips, chief executive of the supermarket, said it plans to open up 50 new convenience stores throughout this year in order to catch up with Tesco and Sainsbury’s.
Jessops went into administration last month and as well as closing down 192 stores, around 2,000 jobs were lost. Morrisons is reportedly in talks to take over HMV and Blockbuster as well, which were taken over by administrators just days after Jessops.
This comes after Morrisons was found to be the lowest-performing supermarket of the UK’s top four over the Christmas period, with its like-for-like sales dropping by 2.5 per cent in the six weeks to December 30th.