Details have emerged of the 43 unprofitable stores that Tesco announced earlier this month that it is closing. Tesco revealed in its Q3 trading update that it would close the stores as part of a push to cut £250m from its structural cost base, but has now confirmed the locations of the stores concerned, following consultations with the 2,000 staff affected. The list includes 18 Express stores, 12 Metro stores, seven superstores and six Homeplus stores.  The stores are spread right across the country, from Grangemouth to Devizes, Ballymena to Chelmsford.

The closures are just one element of a rethink on property as Tesco updates its strategy on where it needs its stores to be located to serve its customers. In addition to closing these stores, it announced earlier this month that it will no longer develop 49 sites that would have created 1.8m sq ft of new retail space, alongside plans to close its Cheshunt HQ and make Welwyn Garden City the UK and Group centre.  This change in strategy does not however mean an end to Tesco's expansion in the UK - it will press ahead with developing 23 new sites and commit significant investments into raising the performance of existing stores.

Source: www.igd.com