LONDON (Brand Republic) 鈥 UK supermarket chain Safeway is forging ahead with its recovery strategy and plans to convert 25 existing stores into French-style hypermarkets over the next two years.
The move is being spearheaded by chief executive Carlos Criado-Perez, who joined from Wal-Mart last year, and who claims his aggressive price-cutting tactics on a few core items was turning the company around.
Profits were up 11% to £166m for the six months from May to October, and its share price has shot up 49% so far this year.
鈥淥ur highly successful deep-cut programme has proved a powerful and effective means to communicate Safeway鈥檚 great value,鈥 Criado-Perez said.