// Tesco reveals plans to to spend €50m this year on Irish expansion
// The investment will include new stores, store upkeep and upgrade projects
Tesco Ireland has said it will spend more than €50 million this year on new stores and refits of its existing stores, as it targets further growth in the market.
The supermarket opened its 154th Irish outlet in the South Lotts area of Dublin, followed this year by further openings of Tesco Express outlets in Smithfield and Charlemont Square.
The €50 million investment will include new stores, store upkeep and upgrade projects and comes after Tesco opened its first new Irish store in four years in Rathfarnham earlier this year.
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The new chief executive of Tesco Ireland, Kerry-born Natasha Adams has promised more growth in the Irish market.
“We have a line of sight towards growing our business in a significant way over the next three to five years,” she said.
Adams said the “strong pipeline of store openings and refurbishments” planned over the immediate and medium term, spells good news for consumers.
“For 25 years, Tesco has been committed to delivering real value to customers and our ambitious development strategy sets us up for the next chapter of investment in our business in Ireland. We are continuously expanding and maintaining our estates, and we are adding new employment with every store opening.”
Speaking to the Irish Times she also acknowledged that price rises were having an impact upon consumers, but declined to say if the crisis has peaked: “Prices do have to go up. I wouldn’t want to predict whether they have peaked or not … But the reality is that other challenges from an inflationary perspective are waiting in the wings, in the form of energy prices increases.”
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