Morrisons boss David Potts has done it again, conjuring up his latest creative attempt at continuing the grocer’s encouraging momentum.
Previously written off by some as an old-school retailer, who perhaps didn’t have the strategic brain required for a top job in the modern business world, Potts has today shoved another two fingers up to his critics.
Morrisons has unveiled plans to exhume Safeway – a name that had seemingly died a death after the Bradford-based grocer acquired the chain and rebranded its stores more than a decade ago.
The supermarket chain will leverage its vertically integrated model to supply hundreds of Safeway products to independent c-stores across the UK, opening up another platform for the rejuvenated grocer to grow.
Only 18 months ago, the word ‘grow’ appeared an unlikely one to be using alongside Morrisons name, but Potts and his business are suddenly going places.
The same could be said of Made.com founder and serial entrepreneur Ning Li, who today revealed that he is stepping down as boss of the firm he started in 2010.
The furniture etailer’s chief operating officer Philippe Chainieux will succeed Li, whose new business ventures will no doubt be watched with interest.
Quote of the day
“I have about list of 30-40 projects that I’ve not had time to look at yet. I’ll probably stay in the start-up space, but I have no intention of competing with my own business” – Made.com founder Ning Li reveals his future entrepreneurial plans after stepping down as boss of the etailer.
Today in numbers
The sales decline in electricals and home technology at John Lewis last week as shoppers apparently chose to wait for Black Friday deals.
The surge in third quarter like-for-like sales recorded by Screwfix, as it again outperformed fellow Kingfisher-owned retailer B&Q.
The number of new petrol station convenience stores Morrisons is piloting as part of a tie-up with forecourt operator Rontec.
Boardrooms up and down the country will have their eyes fixed on Parliament tomorrow when Chancellor Philip Hammond delivers his Autumn Statement. Retailers in London’s West End will in particular be hoping for some positive news on business rates after lobbying the government to make changes to the current system.
Luke Tugby, deputy news editor