Morrisons is to pull out of the Isle of Man as it continues to sell off its non-mainland stores.
The £3m sale of its Safeway Compact store in Douglas to Shoprite was followed by confirmation that it intended to sell its other island Safeway store in Ramsey.
The divestment will leave Morrisons with just three off-shore stores - in Gibraltar, Guernsey and Jersey - after it sold its Scottish island stores last October, with the majority going to Somerfield.
Richard Ratner, retail analyst for Seymour Pierce, said these three off-shore stores were likely to be sold next because, from a logistics point of view, they were detracting from Morrisons’ core turnaround objectives.
A spokesman for Morrisons said the Isle of Man
outlets did not fit the larger store profile on which the company wished to concentrate, but he refused to comment on whether the remaining off-shore outlets would be put up for sale next.
The acquisition of the Douglas supermarket by Shoprite, an Isle of Man-based retailer, is expected to be completed by the end of May. The leasehold acquisition remains subject to the transfer of the alcohol licence and landlord approval.
The £3m sale of its Safeway Compact store in Douglas to Shoprite was followed by confirmation that it intended to sell its other island Safeway store in Ramsey.
The divestment will leave Morrisons with just three off-shore stores - in Gibraltar, Guernsey and Jersey - after it sold its Scottish island stores last October, with the majority going to Somerfield.
Richard Ratner, retail analyst for Seymour Pierce, said these three off-shore stores were likely to be sold next because, from a logistics point of view, they were detracting from Morrisons’ core turnaround objectives.
A spokesman for Morrisons said the Isle of Man
outlets did not fit the larger store profile on which the company wished to concentrate, but he refused to comment on whether the remaining off-shore outlets would be put up for sale next.
The acquisition of the Douglas supermarket by Shoprite, an Isle of Man-based retailer, is expected to be completed by the end of May. The leasehold acquisition remains subject to the transfer of the alcohol licence and landlord approval.
No comments yet