Sainsbury’s boss Mike Coupe says the “death of the superstore is grossly exaggerated” despite stating a quarter of its stores have too much space.

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During an interview about the company’s falling profits and sales and strategic review, Coupe says the grocer is facing a “perfect storm” and believes the market will remain “very challenging” over the next 18 months to two years.

Sainsbury boss Mike Coupe on the company's strategic plan

Sainsbury’s is seeking build a “brighter, sharper” business after feedback from employees and customers and as a result will overhaul 3,000 own-brand products and invest £150m in price cuts.

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Sainsbury's reports interim profits down 6% as it unveils fightback plan