30/07/2010

Supermarket Sweep Lifts Retail Construction

Over £500 million worth of supermarket construction projects have begun on site so far this year (to June), with supermarket projects accounting for 69% of this figure according to Glenigan.

"Retail looks likely to deliver badly needed growth prospects in construction over the next eighteen months" according to James Abraham, Economist, Glenigan. There has been strong growth in the underlying value of planning approvals this year coupled with favourable trading conditions."

Sainsbury's increased profits to £610 million last year, from £220 million five years ago, according to a company spokesperson. Much of this increase is being invested in expanding their network of stores.

Mr Abraham concluded: "Supermarket projects will ensure that as government funding fades away, and other sectors remain bogged down by lack of investment, retail construction will remain well up on 2009 levels."

(CD/BMcC)

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