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Tesco To Invest €70 Million In Irish Store Network

Published on Dec 18 2017 2:30 PM in Retail tagged: Featured Post / Tesco / Andrew Yaxley

Tesco To Invest €70 Million In Irish Store Network

Tesco Ireland plans to invest a total of €70 million in its store network between this year and 2018, according to the Sunday Independent.

In an interview with the paper, Andrew Yaxley, chief executive of Tesco Ireland, said that the retailer was able to begin this 'significant investment programme' after returning the business to growth.

In May, the retailer opened its first new store in around four years, located in Swords, but Yaxley announced that Tesco plans to open a new €31 million store in Liffey Valley next year.

"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 said.

Tesco's Irish operation reported a 1.1% increase in like-for-like sales in the first half of its financial year.

The latest figures from Kantar Worldpanel, released today, reveal that Tesco remains the second largest retailer in the country 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.

© 2017 - Checkout Magazine by Sarah Harford

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