Retail giant again bucks market trend by committing to retail expansion
Asda is to spend 拢600m on expanding and improving its stores in 2015, despite a market slowdown.
Chief executive Andy Clarke warned the retail market was 鈥渋n one of its most challenging and changeable periods in history鈥�, as the Walmart-owned business announced a 1% fall in sales for the year to 31 December and a 2.6% fall in the 12 weeks to 4 January.
But he said the retailer was 鈥渇irmly focused on delivering its long term plan, including expanding and improving the Asda store estate鈥�.
The 拢600m investment this year will include:
- 17 new store openings, including three supermarkets in London;
- 62 stores to undergo a major remodel to reflect changing shopper habits;
- Over 150 new remote 鈥榗lick and collect鈥� sites; and
- 36 new petrol stations.
鈥淚鈥檓 pleased that we can announce our continued investment in the UK with 拢600m for new and improved stores in 2015,鈥� said Clarke.
鈥淲ith such a powerful force like Walmart behind us that fully supports our strategy, we鈥檙e in a unique position in a difficult market 鈥� a position of great strength.鈥�
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