Tesco Ireland to invest €50m in new stores and store upgrades over 2022
Capital expenditure of €50m in 2022 will include new stores, store upkeep and upgrade projects
17 August 2022 | 0
As it marks the launch of its latest store at South Lotts Road, Dublin 4, Tesco Ireland has announced it is to spend circa €50 million this year in store upgrades, maintenance, and new openings.
Tesco has earmarked property capital expenditure of €50m in 2022 to include new stores, store upkeep and upgrade projects. There is also a separate rebrand and redesign programme getting underway with Tesco’s recently acquired portfolio of nine stores across Galway city and county owned by the Joyce family, which was completed in June.
In Dublin, two new Tesco Express stores recently opened in Spencer Dock and South Lotts Road, with two further Tesco Express stores opening in Smithfield and Charlemont Square before the end of the year.
Tesco also opened its brand new 11,000 sq. ft large store at White Pines in Rathfarnham in February. A similar size store will also open its doors at Adamstown in West Dublin later this year. In addition, a major refurbishment and extension of Tesco’s Artane Castle store, a pillar of the community for 39 years, has been completed and a refit programme of older stores is also continuing across the country.
The South Lotts Road supermarket which opened this week marks the 154th store in the Tesco Ireland portfolio and spans over 6,000 square feet of retail space bringing more employment and customer shopping choice to the community.
Tesco Ireland CEO, Natasha Adams, says 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,” Adams said. “We are continuously expanding and maintaining our estates and we are adding new employment with every store opening.”
White Pines, Rathfarnham which opened in February was Tesco’s first new store in almost four years, delivering 60 new jobs.
“Our Tesco Express model, which will see four stores opening in Dublin this year, is proving very successful in urban settings and reflects evolving consumer demand for greater convenience shopping opportunities in high footfall areas,” Adams added.