Tesco recruitment drive defies credit crunch
TESCO is to press ahead with plans to create 30,000 jobs by February, up to 10,000 of which will be in the UK, in a move that defies the credit crunch.
Britain’s biggest supermarket group will confirm the continuing recruitment drive on Tuesday as it reveals like-for-like sales up an estimated 4 per cent in its last quarter. Sales have held up due to changing consumer behaviour.
Tesco launched a discount range this month to take on low-price rivals such as Aldi and Lidl.
Upmarket rival Marks & Spencer is expected to reveal its like-for-like food sales fell 7 per cent over the last quarter, as shoppers spend more prudently.
Tesco’s recruitment plans will provide UK shop workers with some relief. Last Friday, the 280-store retailer Rosebys fell into administration.
The owners of MFI were this weekend in talks to secure emergency funding to keep the business afloat. A management buyout of the kitchen retailer, which employs 3,200 people, is one option being explored.
● Mosaic Fashions, the Icelandic-backed owner of Karen Millen, Warehouse and Oasis, will be announcing healthy
half-year results this week, buoyed by Karen Millen’s performance.