Tesco abandons three times as many supermarkets as its rivals

‘Tesco has abandoned three times as many new supermarket sites as all of its rivals put together over the last five years in a fresh sign that the “space race” is over.

The grocer has slammed the brakes on 62 development sites across the country over the period as part of its efforts to cut costs while it struggles to turn the business around, according to figures complied by Barbour ABI exclusively for The Telegraph.

The Tesco figure is considerably higher than the 49 original sites that chief excutive Dave Lewis announced in January he was to jettison, as part of his overhaul of the supermarket giant. Mr Lewis also said at the time that Tesco would, as part of his radical shake-up, close 43 loss-making stores in a move that put 2,000 jobs at risk.’

Read more: Tesco abandons three times as many supermarkets as its rivals

The post Tesco abandons three times as many supermarkets as its rivals appeared first on David Icke.