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Morrisons sales jump beats economic crisis

Morrisons trounces Tesco with sales leap

Morrisons is bucking the trend of store slumps by posting an 8.1% jump in third-quarter sales.

Cut-price deals, such as a Sunday lunch for £4, and its value ranges have attracted shoppers, said the supermarket chain. The figures trounce those posted by competitor Tesco last week.

Morrisons fared better than Tesco and other rivals Sainsburys and Asda in the , but was beaten by discounters Aldi and Lidl for customer satisfaction.

Morrisons to buy Co-op stores

Morrisons has also agreed to buy 38 former Somerfield and Co-op stores for £223m, to add to its existing 150 shops.

But it has confirmed that it is not positioning itself to rescue Woolworths from its collapse.

The sales boost for Morrisons follows a 7.6% jump in sales for the first half of the year. The supermarket said more than 700,00 new shoppers now visit its stores each week.

Collapse of homeware shop The Pier

Others have not fared as well as Morrisons, with homewares store The Pier the latest casualty of the credit crisis.

The Pier, which has 31 stores and 17 concessions went into administration last week. Administrator Mazars said that the business would continue to trade as normal and that a buyer is being sought for the business.

Harsh trading conditions associated with the current economic climate were blamed for The Pier’s collapse.

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