Sainsburys has confirmed it will sell more in-store and online than it previously planned and will sell up to 50 per ct of its stores to buy more women-focused brand brands.
In a statement on Friday, Sainscotts chief executive Simon Johnson said the firm would sell a total of $4.5bn of its UK stores by 2020.
“The new strategy of focusing on women will deliver great value to our customers and to shareholders,” Mr Johnson said.
“It’s the right time to invest in the next stage of growth.”
“We have the right balance between growth and diversification.”
Mr Johnson also said the new strategy would create a strong and sustainable shareholder base, but said he had “no idea” when the sale would take place.
“We are building our strategy around this approach and we’ll share it with you in the coming months.”
“But I don’t want to make too many details public, because I don, and I think it’s important for investors to understand exactly what we’re doing and what we will be doing.”
Mr Naylor said the strategy would not include the sale of Sainsby’s or its other brands, and the company was not commenting further.
“I think what we can tell you is we are committed to women, to the women who work in our stores, to our female-owned brands and to our team,” Mr Naylor told The World Tonight.
“That will not change.”
“This strategy will focus on what’s right for our customers, and it will allow us to invest more in women, and in our teams.”
The firm has said it would sell up, but only to the extent it can absorb the costs.
“There will be a transition period,” Mr Sainsborough said.
“We are committed that we will not sell our Sainsbys or Sainsies, and we will look to do that in a very prudent way.”
Mr Sainshams said the company would look to acquire women-owned businesses to help improve its image.
“If we can buy a woman-owned business, I think that will make the brand stronger, because it will give us a different kind of voice, a different point of view, and, frankly, a stronger voice for our female employees,” he said.
Sainsbury Sainsbough is one of many of Britain’s top-performing retailers to be sold off.
The company has been trying to sell off assets over the past decade as it tries to recover from a severe slump in sales, a collapse in its stock price and a decline in consumer spending.