In the UK, The Telegraph reports that Safeway Plc believes that it has a future as an independent business despite the fact that Tesco, Sainsbury and Wal-Mart's Asda Group are making its life miserable, and the fact that there are consistent rumors about the company being on the market.
David Webster, chairman of the company, said, "Over many years there has been bid speculation surrounding this company. It is very uncomfortable for the people who work here and very unhelpful for the suppliers. It is something we have to live with."
While there have been reports that Safeway has been losing market share, Webster said it is because other companies are opening stores at a faster rate than Safeway. This isn’t likely to change anytime soon, since CEO Carlos Criado Perez said that the company is cutting back on capital expenditures for next year.
David Webster, chairman of the company, said, "Over many years there has been bid speculation surrounding this company. It is very uncomfortable for the people who work here and very unhelpful for the suppliers. It is something we have to live with."
While there have been reports that Safeway has been losing market share, Webster said it is because other companies are opening stores at a faster rate than Safeway. This isn’t likely to change anytime soon, since CEO Carlos Criado Perez said that the company is cutting back on capital expenditures for next year.
- KC's View:
- It was just yesterday that we reported that there seem to be expectations that Asda will surpass Sainsbury to be number two in the UK. Which ain't great news for Safeway…
