Asda has confirmed it is to open 168 stores in 2011 after being given the green light by the Office of Fair Trading.
The move will add 1.8 million sqft of retail food space, in the largest single year of growth in its history and is the combination of planned organic growth and the acquisition of 147 Netto stores.
The converted Netto stores will all trade under the Asda banner and will average 8,000sqft in size. The Leeds-based retailer said the number of products in store will increase five-fold compared to the existing Netto stores.
Asda’s national low price policy will be implemented at the stores, meaning prices will not differ from one store to the next, regardless of their size, format or location.
In addition to the 147 Netto conversions, Asda will also add a further 550,000sqft of space organically, including the opening of seven new Asda superstores, four new Asda Livings, 10 new Asda supermarkets and five extensions to existing Asda stores.
Last week, Asda entered into a contract to acquire six stores from Focus DIY, which, subject to landlords’ approvals and appropriate local planning consents, will be converted into Asda supermarkets.
Asda chief financial officer Judith McKenna said: “The combination of acquiring 147 Netto stores together with our organic growth plans means we will be able to save customers more money than ever before. We’ll also create 1,500 jobs as we convert all of the Netto stores into Asda supermarkets.”
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