What will become of Tesco’s property empire?

Tesco has scrapped plans to build an 82,000 sq. ft. superstore on Margate’s seafront. “We are reducing the number of large stores we open each year as a result of changing customer shopping habits. After careful consideration we have therefore decided not to pursue a new large store in Margate,” explained a spokesman. Separately, Peter Bill in the Evening Standard considers what might happen to Tesco’s 110m sq. ft. of unvalued buildings and land worth £20bn, after it discovered a £250m black hole in its profits. Mr Bill believes the retailer may move away from plans to become a mid-sized house-builder as it shifts focus back toward its core business, despite stating it would construct residential developments on land it no longer requires for outlets