Thousands of Tesco jobs are thought to be at risk as Tesco begins closing a series of city centre stores.
According to a report from The Times, industry insiders believe Tesco is planning to close up to 30 poorly performing Metro stores and to convert a further 60, although Tesco has not confirmed those figures.
The move comes as Tesco chief executive Dave Lewis looks to cut costs to boost profit margins.
Lewis has set a target of improving margins up from 2.9 per cent last year to between 3.5 per cent and four per cent in 2020.
Staff at Metro outlets in Lancashire, Manchester and Liverpool have been told their stores are closing, with the average Metro employing 75 people.
The supermarket giant is just days away from unveiling its new discount player Jack’s, at Chatteris near Cambridge.
It’s thought former Tesco Metro stores will be converted into the new brand, enabling the supermarket to grow a value retail competitor at a much faster rate than establishing completely new stores.
Click here to sign up to Retail Gazette‘s free daily email newsletter
