INDUSTRY NEWS

Iceland grabs Woolies’ commercial property

Supermarket chain Iceland has bought London commercial property previously owned by the failed Woolworths retail chain.

The deal was part of a sale of the defunct retailer’s leasehold properties and sees Iceland take on 51 stores across the UK.

Woolworths closed its doors for good last week after attempts to find a buyer were unsuccessful.

Managing director of Iceland Foods Andy Pritchard says the deal will help further increase its visibility throughout the UK and Northern Ireland.

“We look forward to realising the full potential of the sites over the coming months and to creating around 2,000 jobs,” he said

With more than 800 stores, the retailer had a significant presence in the high street and has become perhaps the most visible victim of the credit crunch.

Analyst Deloitte said budget retailers are set to prosper in 2009. Its latest Global Powers of Retail Study predicts consumers will turn to value outlets to save money.
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