FINANCE: Asda has announced plans to invest £600m into a store expansion programme that includes 17 new shops.
The news comes as the supermarket giant unveiled its fourth quarter and full-year financial results for 2014, reporting a 1% fall in like-for-like sales for the year to 31 December, and a 2.6% fall in the 12 weeks to 4 January.
Asda boss Andy Clarke said the supermarket had plans to open 17 stores this year, three of which would be in London.
In addition, 62 stores will undergo a major remodel to reflect changing shopper habits, 150 remote Click and Collect sites will be created and 36 petrol stations will open.
Clarke said: “I’m pleased that we can announce our continued investment in the UK with £600m for new and improved stores in 2015. With such a powerful force like Walmart behind us that fully supports our strategy, we’re in a unique position in a difficult market – a position of great strength.”
