Tesco has promised there will be no let up in its growth strategy with another 1.4 million sq ft of UK selling space planned over the next year even before any acquisitions from Morrisons are factored in (see page 29).
Announcing its full-year results, Tesco said it planned to open five new Extra stores, 12 superstores and six Metro stores to be financed through £2.4bn of capital expenditure - up £100m on last year.
Tesco also plans to develop its convenience offering where it now has a 5.9% market share.
It currently has 277 Express c-stores (up from 143 last year), but the opening of 33 new Express c-stores plus the conversion of 140 T& S stores and 45 stores acquired from Adminstore will boost the Express portfolio to over 500 c-stores within a year.
Chief executive Sir Terry Leahy said: “Customers love our Express stores. The customer offer is the best in convenience achieving high sales per square feet and increasing returns.”
Internationally, Tesco plans to open a further 51 hypermarkets,
Sean McAllister