"If the opportunity is available at the right price, we will be there," he said. But he added he did not want to spend 20 years getting out of a hole. "I’m not going to buy for the hell of it."
Green said he was sure he could grow the Safeway business by developing a stronger non-food offer.
"The people succeeding are those selling non-food," he said, adding that, while they were doing a good job, he did not believe Asda and Tesco were fully exploiting this side of their operations.
According to Green the key to running a retail chain profitably is to understand the supply chain.
"That is where the money is to be made," he said, adding: "It can’t be any more difficult buying an apple than buying a skirt."
Green is one of five players still interested in acquiring Safeway following the withdrawal of Kohlberg Kravis Roberts last week. Morrison is still the only one with a bid on the table.