Tesco plans to close 10% of its stores and lay off 4,500 employees

Tesco UK’s largest retail chain continues to optimize the business and improve the market efficiency. Now, 90 stores are under threat of closure.

It is reported by the news agency Interfax-Ukraine, with reference to the company press-release. According to Interfax, here it says about 90 stores closing in the UK’s largest retail chain, after which the number of outlets operating under the Tesco brand will drop to about 700.

Scheduled for closure supermarkets provide jobs for nearly 9,000 employees. However, the company intends to transfer about half of them to other positions. “We make changes to our UK stores and headquarters to simplify what we do and how we do it so that we can better meet our customers’ needs”, − Jason Terry, the Company’s Chief Executive Officer in the UK and Ireland, stated.

Recall that British retailers have repeatedly had to revise its development strategies and targets due to pressure from European competitors. Thus, in 2018 first half, the German chains Aldi and Lidl were able to increase its share in the Foggy Albion food retail to 7.6% and 5.5%, respectively, having pressed the market old-timers.

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Germans press up the British: Aldi and Lidl have increased its share in the UK grocery market