LONDON Feb 25 Britain's Tesco, the
world's No. 3 retailer, is to accelerate a turnaround plan for
its key home market, stepping-up the pace of large store
revamps, growth in online and convenience channels and price
In a statement published ahead of an investor and analyst
seminar later on Tuesday, the group also said it plans a further
significant reduction in planned net new space growth.
It said this will mean group capital expenditure will be
reduced to no more than 2.5 billion pounds ($4.2 billion) per
year for at least the next three financial years.
In the 2012-13 year Tesco's group capital expenditure was 3
billion pounds, or 4.1 percent of sales, a reduction of 0.7
billion pounds on the previous year.