UK supermarket group Sainsbury's has revealed plans to invest up to £900m (€1.03bn) in building, refitting and extending stores in 2010, while adding around 5 per cent of floor space to its portfolio this year.
The move will maintain the company's consistent capital expenditure record, after investing £850m (€970.3m) in 2008 while planning to spend £863m (€985.2m) this year.
'The environment for growing space is changing as opportunities to acquire land for development and new stores are becoming ore available and at more attractive rates than in recent years,' said group CEO Justin King. 'Sainsbury's will seek to take full advantage of the unique opportunities available at the current time.'
By contrast, market leader Tesco had announced in a report last month that its capital expenditure would be cut back this year from £4.7bn (€5.36bn) to £3.5bn (€4bn).
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