European Retail Correspondent, Zurich
Emma's Feed
Jan 13, 2015
Jan 8, 2015

Tesco store closures herald broader property overhaul

LONDON/BERLIN (Reuters) – Tesco’s (TSCO.L: Quote, Profile, Research, Stock Buzz) announcement on Thursday that it will close 43 stores and cancel another 49 developments is just the start of a review of a huge property portfolio that is out of tune with modern shopping habits.

The world’s biggest retailers are all struggling to adapt as time-pressed customers buy more groceries locally or online rather than shopping in the out-of-town megastores that flourished in previous decades.

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