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Tesco to Sell Sites for Property Development

Tesco to Sell Sites for Property Development

15th October 2015

Tesco is reported to be selling more than a dozen supermarket sites to a property development company in a £250m deal. According to an article on the BBC website, 10,000 homes could be built on the sites which are located in London, Bath and the South East.

The decision comes as part of the supermarket's revival strategy following disappointing financial figures, an accounting scandal and decreasing share prices in recent years.

This move, which includes a decision to abandon planned new superstores, has attracted both criticism and praise. Labour MP for Wolverhampton South East, Pat McFadden, said that the local community had been let down by Tesco when it scrapped plans for a major new supermarket in the town.

However, Alan Stewart, chief financial officer at Tesco, told BBC Radio 4 that Tesco “does not have the resource to put into these developments."

The development sites being sold by Tesco include:

  • Hounslow
  • Highams Park
  • New Barnet
  • Fulham High Street
  • Lewisham
  • St Albans (London Road)
  • Tolworth
  • Woolwich (phases 3 and 4)
  • Hillingdon Master Brewer Site
  • Epsom (Upper High Street)
  • Kensington