26 April 2010 | Nick Martindale
Tesco has pledged to increase the number of new stores and store expansions over the next 12 months.
The UK’s largest retailer and private sector employer said it would spend £1.6 billion in the coming year and would look to involve new suppliers as well as awarding projects to its existing contractor base.
A spokesperson said: “We’re always looking at opportunities to ensure that we have the best expertise available in that field and are pleased to remain a key investor in the construction industry.”
Under the pledge a number of projects that had been on hold will be revived. Tesco is already working on six “mixed-use” schemes that had been postponed during the economic downturn, including Love Lane in Woolwich and Streatham Ice Rink in South London.
Tesco said: “Over a number of years we have developed a good pipeline of space opportunities. As a result we can unwind some of the work in progress we have built up and will be stepping up the rate of expansion in 2010-11.”
Rival retailers Morrisons and Sainsbury’s have also recently announced store expansion plans.