Morrisons to make three major changes after slashing costs

Morrisons to make three major changes after slashing costs Morrisons CEO said three things will help brick and mortar retailers, but the supermarket is still planning to close 100 stores Morrisons' CEO has issued an update on the future of the supermarket's stores as a huge amount has been made in cutting costs. The plans included job cuts across all functions at Morrisons' head office. The company's CEO Rami Baitiéh has said that the move has contributed to the delivery of significant cost savings. But the company is planning on closing some stores. Mr Baitiéh wrote in a LinkedIn post last week: "Many leaders talk about AI, and many companies invest heavily in it, but often without a clear, genuine outcome. "At Morrisons, we've paired a bottom up investment strategy with a top down educational strategy. "By empowering our teams with the right directions and knowledge while funding practical, grassroots ideas, we've unlocked massive value. "While I can't share every detail, this specific tech driven vision has materially contributed to the delivery of £940 million over the last three years, all without compromising our customer experience." Mr Baitiéh said Morrison's is reinvesting these savings into the future of our company. He said his "goal is to make Morrisons stores as easy to navigate and clear to understand as our digital website." He added that three things will help brick and mortar retailers: personalised retail media, accurate stock tracking and competitive pricing. Mr Baitiéh said these are the keys to success for bricks and mortar retailers who want to "stay ahead of the curve in the coming years." But the supermarket chain is set to shut 100 stores in the coming months, with loss-making convenience outlets amongst those impacted. The supermarket chain revealed in May that Morrisons Daily sites, which joined the group following its takeover of McColls, were to close. The retailer attributed the closures to rising costs driven by Government measures, including increases to the National Living Wage and employer National Insurance contributions. Hundreds of positions have been placed at risk, with consultation over the closures continuing. [Image text:] Morrisons Since 1899 991