Tesco's Expansion Plans
Tesco has announced its intention to open 70 new stores across the UK in the next year, including more Express stores and a small number of larger locations. This move is expected to create around 2,000 new jobs in the country.
Profit Surge and Employee Bonuses
The supermarket giant reported a significant increase in profits, nearly tripling from the previous year to £2.3 billion. In light of this success, Tesco plans to distribute bonuses to its employees, with each full-time staff member set to receive around £300 as a token of appreciation.
Customer Response and Price Reductions
Despite facing criticism for its soaring profits, Tesco noted a surge in customer numbers and a decrease in inflationary pressures. The company reduced the prices of nearly 4,000 products by an average of 12% at the end of the year, making it the most cost-effective full-line grocer for over a year.
Market Competition and Retailers' Expansion
Tesco's expansion comes amidst a competitive market landscape, with Aldi, Asda, Primark, WHSmith, Lidl, and Wilko also announcing plans to open new stores and branches across the UK. Aldi aims to establish 1,500 UK stores, while other retailers are focusing on convenience stores, travel locations, and high street presence.
