Tesco to create 20,000 new jobs in the next two years
The retailer said it would be refreshing existing stores, opening new outlets and making a "significant" investment in customer service.
The 20,000 jobs will be made up of both full-time and part-time roles, including some apprenticeships. The retailer said many of the new jobs would be targeted at young unemployed people.
In January, Tesco issued a shock profit warning which wiped more than £5 billion off the value of the group’s shares. In addition market researchers Kantar Worldpanel said Tesco's share of the British grocery market fell to its lowest since 2005 last month, dropping 0.6% year on year to 29.7% in the 12 weeks to 19 February.
Tesco chief executive Richard Brasher said: "In unprecedented economic conditions like these, major businesses have a big responsibility to step forward, invest and create jobs. Today's announcement is a huge shot in the arm for the UK economy. At the core of this investment is our determination to deliver the best shopping experience for our customers, bar none."
He added: "We will invest in more staff on the sales floor at busy times, provide greater expertise and help in the crucial areas of fresh food, and enhanced quality and service across our stores at all times."
Tesco did not confirm how much it would invest in the scheme or how many new stores it would open.
Commeting on the news Prime Minister David Cameron said: "This is a massive confidence boost for the UK economy. Tesco is one of the world's leading companies and the biggest private sector employer in this country. Their commitment to creating jobs and opportunities for young people at what is a difficult time for the economy is fantastic news for the UK as a whole and for those people they will help into work."
Tesco said it will also be investing significantly in additional staff hours and training to boost the customer experience.
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