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Tesco reveals plans to open 70 new stores across UK over the next year as part of major update
Tesco workers are expected to receive bonuses as profits soar
TESCO has revealed plans to open 70 more stores across the UK over the next year in a major expansion plan.
The supermarket chain has set its sights on opening new locations as the profits soar high.
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A spokesperson for Tesco has confirmed that the retailer will be bringing more Express stores to local communities.
A small number of large stores will also be opening over the course of the year.
The opening of 70 locations will create around 2,000 additional jobs in the UK.
This comes as the retailer has reported a jump in profits as it almost tripled last year.
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The UK's largest supermarket chain raked in a whopping £2.3 billion from £882 million a year earlier.
Tesco workers are expected to see a portion of the incredible profits reflected in their paychecks as the company promises bonuses.
The grocer has revealed that it will hand out around £300 to each full-time employee as a "thank you".
But the retailer has faced criticism for its massive profits while more families are struggling to make ends meet.
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Unite general secretary Sharon Graham wrote in a post on X: "Tesco is raking in mountains of cash while families struggle to put food on the table because of sky-high prices."
But the grocer said it saw an influx of customers as pressures of inflation had "lessened substantially".
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According to the company, almost 4,000 products had their prices lowered by an average of roughly 12% at the end of the year.
Chief executive Ken Murphy said: "Customers are choosing to shop more at Tesco, which is reflected in growing market share as they respond to the improvements we've made to the value and quality of our products.
"Inflationary pressures have lessened substantially.
"However, we are conscious that things are still difficult for many customers, so we have worked hard to reduce prices and have now been the cheapest full-line grocer for well over a year."
Mr Murphy predicts that food inflation is set to stabilise in the ";low single digits" for the rest of the year.
But he did warn that price points of certain goods, like coffee, potatoes and cocoa, may prove "sticky."
Tesco's expansion comes at a time when a number of other retailers are looking to open more branches across the country.
Aldi has revealed a list of 13 new locations as it looks to operate 1,500 UK stores in the coming years.
The bargainer is planning to open 100 new branches inside the M25, creating 3,500 new jobs, and has unveiled a list of 13 areas where it is looking to expand.
Asda has also been opening hundreds of convenience stores in recent months as it looks to rival major players Tesco and Sainsbury's.
Meanwhile, Primark is opening new branches and investing and renovating more than a dozen of its existing shops.
WHSmith has turned its focus to the travel side of its business, with plans to open new sites in airports, railway stations and hospitals.
In an update to investors in January, the retailer said it was on track to open 15 stores this year, with a further 15 to follow "each year over the medium term".
Lidl is also looking to open 12 new stores across the UK as it bids to raise £91million in funding from investors.
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Wilko, which collapsed into administration last year, has also reappeared on the high street.
It has opened branches in Plymouth and Exeter in recent months, with plans to open two more in Rotherham and St Albans in days.
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