Tesco is splashing out more than £500m in a West Midland spending spree – bringing 5,500 new jobs to the region.
The group, which set a new record for a British retailer when its annual profits broke through the £3 billion barrier, revealed plans for a string of new developments across the region.
New locations planned over the next 12 months include major sites in Birmingham at Yardley, Hodge Hill and Springhill, which will create 1,500 new jobs alone in the city. Meanwhile, six new store developments are planned across the Black Country, including Brownhills, town centre projects in West Bromwich and Walsall, and Raglan Street in Wolverhampton.
And other stores are planned further afield across the region, including Rugeley and two in Stoke on Trent. Tesco regional corporate affairs manager Tony Fletcher said: “We see the West Midlands as very much a growth area for us.
“We are pretty much under-represented in Birmingham city centre and these are very good opportunities for us.
“One or two of these are subject to planning permission but, if all our plans come to fruition, then we will be spending £500m plus.”
Group finance director Laurie McIlwee said: “We are already a big employer in the region, with around 11,000 employees and we are now looking to open a number of new stores in the West Midlands.”
Tesco reported underlying pre-tax profits of £3.13 billion for the 53 weeks to February as it also revealed worldwide sales hit more than £1 billion a week for the first time. The UK’s biggest supermarket rang up £54.3 billion in annual revenues, up 13.4 per cent on the year before, while its record profits haul marked growth of 8.8 per cent.