Newspaper article The Journal (Newcastle, England)

Asda Looks at Buying Chain to Close the Gap on Tesco

Newspaper article The Journal (Newcastle, England)

Asda Looks at Buying Chain to Close the Gap on Tesco

Article excerpt

SUPERMARKET chain Asda could snap up a major retail chain as it strives to close the gap on its bigger rival Tesco, it has been reported.

Asda, which is owned by US food giant Wal-Mart, is thought to be eyeing up Argos and Homebase owner Home Retail in an attempt to snatch a greater share of the general merchandise market.

According to the Mail on Sunday, the firm has considered a number of other firms based both on the high street and in out-of-town shopping parks.

The supermarket chain is also understood to have weighed up budget clothing chain New Look.

Asda, which is believed to have been given the green light for the move by its US parent, would dramatically increase its size under the plans and is therefore likely to attract regulatory attention. The firm said it would not comment on market speculation.

According to the report, a source said Asda was poised for a "major acquisition".

"Wal-Mart has realised it's the only way they can grow and compete with Tesco on the same footing in the UK," the source said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.