Morrisons (LSE:MRW) yesterday bought 49 Blockbuster stores from administration to launch a new convenience line, which they have long lagged behind compared to Tesco (LSE:TSCO).
They’ll now be competing with Tesco in this area, I can’t see this affecting Tesco’s results, however it does add another competitor into this business and reduces the available space for expansion.
Disclosure: Long Tesco, No holding in WM Morrison
Investing Sidekick
Founder of Investing Sidekick. Works as a research analyst and is an avid value investor, always searching for undervalued shares.