Tesco has abandoned three times as many new supermarket developments as all of its big four rivals put together over the past five years.
- Tesco pulls plug on 62 developments in five years, study shows
- Sainsbury’s, Asda and Morrisons can 19 between them in same period
- Discounters submit plans for 428 new stores in same time frame
According to figures from Barbour ABI compiled for The Telegraph, Sainsbury’s has abandoned 13 sites in the past five years, while Morrisons canned four developments and Asda put the brakes on just two.
The figures come months after Tesco boss Dave Lewis revealed that the grocer was shelving 49 developments and shuttering 43 unprofitable stores as part of his plans to cut costs at the embattled retailer.
ABI economist Michael Dall said: “It is indicative of the wider issues within Tesco that they are retrenching from some of their expansion plans.
“The Big Four have an advantage because of their size already, but as they shelve stores it provides an opportunity for Aldi and Lidl to move into new areas while they concentrate on other parts of the business.”
A Tesco spokesman said: “We regularly review our property development plans. In January 2015 we announced we would not proceed with 49 planned new store developments across the UK. We are working with local authorities to find appropriate alternative uses for sites and consider all options.”