Advertise with

Tesco to sell off land to lure consumers
Tesco to sell off land to lure consumers

Tesco to sell off land to lure consumers


Fin24/ Reuters - Nov 22nd, 08:55

London - Britain's Tesco, battling plunging profits in mainland Europe, is to sell off land around its stores in Poland for development to make the sites more attractive to shoppers.

"In order to attract complementary services such as restaurants and other leisure facilities to some of our existing stores in Poland, we intend to sell areas of undeveloped land next to some of our stores," a spokesperson for the world's No. 3 retailer said on Tuesday.

Last month Tesco, which has invested £1bn ($1.6bn) in a turnaround plan for its core British market, reported second-quarter underlying sales declines in all ten of its overseas markets. Like-for-like sales fell 4.5% in Poland.

The firm also posted a 68% slump in first-half trading profit in its European division, made up of Poland, the Czech Republic, Hungary, Slovakia, Turkey and Ireland.

Poland is Tesco's largest central European market with over 400 stores.

Thirty-five properties, totalling 30 hectares, intended for commercial developments and located largely near existing Tesco stores, have been put up for sale, said Cushman & Wakefield, the real estate services firm which is advising and representing the retailer in the sale process.

Shares in Tesco closed down 0.3% at 357 pence, valuing the business at about £29bn.From Fin24 

Related News

UK: Sluggish start, late surge, solid rather than bonanza, Planet Retail
04/11/2013 - 17:50
On Planet Retail’s predictions for the UK retail market over Christmas 2013, Stephen Springham, Senior Retail Analyst at Planet Retail, commented:

Uchumi workers to close shop over pay
31/10/2013 - 08:23
Uchumi supermarkets could grind to a halt next Wednesday if employees make good their threat to down their tools. The Kenya Union of Commercial Food and Allied Workers has issued a strike notice dated October 9 to pressurise the supermarket chain's management to meet workers' demands for higher pay.

Tesco vows to curb Britain's food waste
28/10/2013 - 09:07
Berlin - Tesco, Britain's biggest retailer, has vowed to cut the near 60 000 tonnes of food wasted by its suppliers and shoppers each year, the latest firm volunteering to help tackle a growing environmental problem.

M&S steps up convenience store roll-out
24/10/2013 - 12:08
London - Britain's Marks & Spencer will step-up expansion of its Simply Food store network as it looks to benefit from growing consumer demand for smaller, convenience outlets, it said on Tuesday.

UK clothing label George hits local shelves, today
23/10/2013 - 12:51
Massmart will open the doors to three George pop up stores today, to give South African consumers a taste of the famous British brand of clothing.