Supermarket giant Tesco has had plans approved for a new Tesco Extra store in Bexleyheath, it has been announced today.
Following its acquisition of the Bexleyheath Civil office, Tesco is to build an 80,000 sq ft store on the site, as well as a further three retail units which will create 370 new jobs in the area.
It has also been announced that the grocer applied to buy 126 new homes in the area and Bexley Council will relocate its offices to a building on Watling Street to allow Tesco to deliver the homes in partnership with residential building company Bellway Homes.
Tesco has had a troubled few weeks as it struggles to maintain its grocery market share and saw its outlook downgraded to negative by ratings agency Standard & Poor’s as a result of “intensifying competition”.
It is hoped that the new development will improve its current standing and signals the grocer’s commitment to housing, following news that Tesco Bank is to add mortgage offers to its list of services.
Matt Magee, Corporate Affairs Manager at the chain, welcomed the approval.
He said: “We have been committed to investing in Bexleyheath for some time and we have worked with local residents, groups and the Council over a number of years to shape our proposals, which we now look forward to delivering.”