UK convenience firm McColl's Retail Group has agreed to extend the rollout of Morrisons Daily format to 450 stores.
The company expects to complete all 450 store conversions by the end of November 2022, up from its previous target of 350 in the same timeframe.
Morrisons Daily stores offer a better grocery mix and a wide range of options, driving enhanced customer spend, frequency and loyalty.
Stronger revenue performance, and a return on investment towards the shorter end of a 2-3 year payback range, underlines McColl's decision to expand the Morrisons Daily format across its community store estate.
Jonathan Miller, chief executive of McColl's, added, “Within 12 months we will have 450 stores open and trading as Morrisons Daily, representing over a third of our total community store estate and over half of our sales.
“These stores have a higher grocery mix and a wider breadth of product choice which is great for our customers, and with strong sales growth and better return on investment, it is great for the company too. We look forward to continue working closely with Morrisons in the years ahead.”
Recently, the British convenience retailer forecast lower annual profit as a shortage of lorry drivers and insufficient supply of key products intensified in the fourth quarter and hit revenue.
In August, the company confirmed that it was 'exploring options' relating to a potential capital raise, following reports that it approached investors with the aim of raising around £30 million.