British supermarket chain Tesco has decided to build 4,000 houses at 310 locations destined for supermarkets, as it claims it does not need as much space.
Originally, supermarkets were supposed to be erected at these different sites, but changing consumer buying habits have forced Tesco to alter the terrains' destination. "We have decided to reduce the amount of new store space we build each year, building fewer large stores. Where we no longer intend to develop sites, we sell them, lease them or develop them for housing", a Tesco spokesperson stated.
It was also revealed yesterday that Philip Clarke, Tesco CEO, would leave the company come October, as he failed to revert the lower sales trend. In the past month, Tesco had to deal with the strongest sales drop in the past 20 years, partially because of fierce competition in the UK from discounters Aldi and Lidl.
Dave Lewis, from Unilever, will succeed Clarke and earn 1.25 million pounds (1.58 million euro) a year.