Tesco Ireland is set to invest €70 million in its store network between this year and 2018, according to the Sunday Independent.
In an interview with the paper, Tesco Ireland CEO Andrew Yaxley said that the retailer had begun a 'significant investment programme', after returning the business to growth.
"You can only start to spend that investment when you've turned your core business around," he said. "It's pointless building new stores or refitting stores when you haven't fixed your core."
In May, Tesco opened its first new store in four years, located in the Dublin suburb of Swords, but Yaxley announced that the retailer has plans to open a new €31 million store in Dublin's Liffey Valley in 2018.
"Testament to the fact we are moving forward on the journey is that we are going to spend €31 million in Ireland developing a new shop," he added.
Retail Growth
Tesco Ireland reported a 1.1% growth in like-for-like sales to €1.23 billion in the first half of its financial year, ending 26 August 2017.
Meanwhile, the latest figures from Kantar Worldpanel reveal that Tesco remains the second largest retailer in Ireland ahead of the Christmas season, with 22.3% market share.
Sales at the supermarket chain were up by 4.7% during the twelve weeks to 3 December, marking the fourth month in a row that Tesco has experienced sales growth of more than 4%.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
