The Financial Times reports that while Tesco may have slowed its Fresh & Easy Neighborhood Market growth plans in California, that doesn’t mean that it has abandoned its Northern California expansion strategy.
According to the story, Tesco “has continued to add to almost 50 store sites already acquired in communities including San Francisco, Sacramento and San Jose as well as Reno, Nevada. This month it reportedly paid $3.75m for two plots in the East Bay area, while it has also acquired a third site in San Francisco this summer.
“Property brokers say Fresh & Easy has been increasingly interested in buying rather than leasing sites, given the current slump in commercial real estate prices in the region.”
According to the story, Tesco “has continued to add to almost 50 store sites already acquired in communities including San Francisco, Sacramento and San Jose as well as Reno, Nevada. This month it reportedly paid $3.75m for two plots in the East Bay area, while it has also acquired a third site in San Francisco this summer.
“Property brokers say Fresh & Easy has been increasingly interested in buying rather than leasing sites, given the current slump in commercial real estate prices in the region.”
- KC's View:
- Despite the naysayers, it has always been maintained here that Fresh & Easy is going to continue to tweak and adjust its format until it gets it right…and will expand in a way that seems prudent in a California economy that has been devastated in recent months. At the FT certainly makes it seem like the company is going away anytime soon.
