黑洞社区

Tesco chief executive Sir Terry Leahy has pledged to press on with the supermarket鈥檚 development programme in spite of the worsening credit crunch.

Speaking at a 鈥楳overs and Shakers鈥� networking breakfast on Friday, Leahy said that the supermarket鈥檚 property portfolio, estimated at 拢10bn, would allow it to continue to invest in its development arm.

He said: 鈥淲e will carry on with our development programme. It is very important to carry on through the property cycle and to continue to invest. If you can survive a market downturn, it is a time of opportunity."

The financial slowdown in the credit markets is expected to hit retailers hard as it impacts on customers鈥� confidence and their ability to borrow money.

But Tesco has just committed to taking on the US market, pledging to open 200 鈥楩resh and Easy鈥� convenience stores before February 2009.

I want to see more resources and speedier decisions in planning

Sir Terry Leahy

Leahy, who was earlier this year named the most powerful non-elected person in the UK, used the event to call for the planning regime to be streamlined.

"Schemes can often take a while - several years in some cases - so that's why we have a long development pipeline,鈥� he said. 鈥淚 want to see more resources and speedier decisions in planning."

Leahy also said that functionality should take priority over aesthetics in supermarket design. He said: 鈥淎s with all of these things, the experience of the customer should come first. The priority is, does the building work?鈥�

However, he said that Tesco was committed to improving green design and construction technique. Tesco superstores in Wick and Shrewsbury had used timber and sedum in their construction, he said, and stores were using CHP and low-energy refridgeration systems.

He brushed off talk of Tesco reaching a point where it will slow down its expansion programme, saying: 鈥淓veryone in Britain loves a good loser... but they love a good winner even better.鈥�