The supermarket Wm Morrison said yesterday it would open small shops for the first time as the economic downturn gave it scope to speed up its expansion.

Marc Bolland, chief executive, said the group had identified more than 100 locations for new stores and had halted a £1bn share buyback to "preserve its firepower". The recession has weighed heavily on commercial property values and Morrisons said it wanted "maximum financial flexibility" to go shopping for stores.

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