Morrisons is implementing a growth strategy which is focused on expanding its e-commerce business and moving into the convenience store market. It has earmarked £3 billion in investment over the next three years. The supermarket floated the idea of launching its own website last year and today is the first firm commitment to realising that goal.
Last month, the company took its first major step to launching an online operation with the acquisition of internet retailer Kiddicare for £70 million. The company said this move, along with the 10% "strategic" stake in American online grocer FreshDirect announced today, would help it launch its own website in the future. FreshDirect was launched in 2002 and serves 600,000 customers in New York, New Jersey and Connecticut. The deal will see Morrisons chief executive Dalton Philips join the company's board.
Morrisons also revealed it would open three convenience stores, around 3,000 sq ft in size, in July under the name M Local. The shops will be located in Morrisons' heartland in the north of England, in neighbourhoods around the M62 motorway. The company said the convenience business was the second-fastest growing part of the market. Rival models include Tesco Metro and Sainsburys Local.
64. FreshDirect severs 600,000 customers in
A.Connecticut B.New Jersey C.New York D.certain states
65. Which would help Morrisons launch its own wesbsite in the future?
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