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Tesco set to confirm scaled back UK store expansion

Tesco will confirm its intention to scale back store expansion in the UK market in a blueprint to be outlined next week, according to reports.

The Financial Times reports that Tesco will scale back openings of big stores and extensions to focus on smaller stores.

The retailer announced in January that it will halt the roll-out of its biggest UK stores in favour of online and international growth.

The FT quotes Nick Coulter, an analyst at joint broker to Tesco, Nomura, as estimating that opening fewer of the biggest hypermarkets and cutting back on store extensions could cut Tesco’s UK capital expenditure by £200m to £1.3bn this year.

ISG and Vinci are among the main contractors who could be hit by the move, as both have received regular work on new-build Tesco deals in the past.

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