Supermarket Morrisons today announced to launch an online shopping operation within two years in a move to catch up with its web-savvy rivals.
Supermarket
Morrisons
today
announced
to
launch
an
online
shopping
operation
within
two
years
in
a
move
to
catch
up
with
its
web-savvy
rivals
.
The UK's fourth biggest supermarket said Morrisons.com would offer grocery and non-food products but would take time to build from zero.
The
UK
's
fourth
biggest
supermarket
said
Morrisons.com
would
offer
grocery
and
non-food
products
but
would
take
time
to
build
from
zero
.
As part of its online development, Morrisons - the only one of the "Big Four" grocers to have a significant internet business - revealed it had invested PS32 million in a 10% stake of a New York-based online grocer.
As
part
of
its
online
development
,
Morrisons
-
the
only
one
of
the
``
Big
Four
''
grocers
to
have
a
significant
internet
business
-
revealed
it
had
invested
PS32
million
in
a
10
%
stake
of
a
New
York-based
online
grocer
.
The announcement came as Morrisons posted a 13% increase in underlying pre-tax profits of PS869 million in the year to January 30.
The
announcement
came
as
Morrisons
posted
a
13
%
increase
in
underlying
pre-tax
profits
of
PS869
million
in
the
year
to
January
30
.
Morrisons is implementing a growth strategy which is focused on expanding its e-commerce business and moving into the convenience store market.
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 PS3 billion in investment over the next three years.
It
has
earmarked
PS3
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.
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 PS70 million.
Last
month
,
the
company
took
its
first
major
step
to
launching
an
online
operation
with
the
acquisition
of
internet
retailer
Kiddicare
for
PS70
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.
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.
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.
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.
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
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.
The
company
said
the
convenience
business
was
the
second-fastest
growing
part
of
the
market
.
Rival models include Tesco Metro and Sainsburys Local.
Rival
models
include
Tesco
Metro
and
Sainsburys
Local
.
Supermarket Morrisons today announced to launch an online shopping operation within two years in a move to catch up with its web-savvy rivals. The UK's fourth biggest supermarket said Morrisons.com would offer grocery and non-food products but would take time to build from zero.  As part of its online development, Morrisons - the only one of the "Big Four" grocers to have a significant internet business - revealed it had invested PS32 million in a 10% stake of a New York-based online grocer. The announcement came as Morrisons posted a 13% increase in underlying pre-tax profits of PS869 million in the year to January 30.  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 PS3 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 PS70 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.