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Arena Magazine 2005 Issue 3 |
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Jobs boost as Tesco’s profits rocket
The UK’s biggest retailer Tesco will create 11,000 UK jobs during the next year after it revealed record-breaking profits of more than £2 billion.
Tesco, the first British retailer to rack up such mammoth profits, will also create 14,000 jobs as part of its overseas operations.
Ten years ago Tesco was the country's third biggest retailer, now it accounts for £1 in every three spent in the supermarket sector. The company's move into non-food goods including clothes, electrical products and CDs has fuelled its growth as has its overseas expansion.
Tesco has also made significant inroads into the convenience sector with its purchase of T&S Stores and other smaller companies.
Usdaw has more than 115,000 members in Tesco - the biggest single block of union membership anywhere in the country.
Earlier this year more than 100,000 staff who have bought into the share option scheme enjoyed a £106 million payout. Staff who invested in the Save As You Earn plan in 1999 have made a profit of more than £3,000 each.
Retailers' percentage share of the grocery market stack up as follows:
- Somerfield/Kwik Save 5.5%
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