Tesco share price dips again after supermarket pulls out of Margate superstore

Tesco's share price dipped again today after it emerged the troubled supermarket had ditched its controversial plans to build a megastore in Margate. 

 

Tesco had fought for years to be given approval for the seafront, with many in the coastal town arguing that the plans were “an eyesore” and would have made the regeneration of its ailing high street – where around a third of store units are vacant – much harder. 

 

Mary Portas, self-styled Queen of Shops, even threw her weight behind the campaign to block proposals, though landlord Freshwater claimed it would help give the town a boost. 

 

The government granted approval last summer.

 

Today, though, the supermarket said it was going back on its plans, because of changing shopping habits.  

 

A spokesman said the company – which has been undergoing a well-documented turbulent few weeks – was reducing the number of large stores it opened each year. 

 

“After careful consideration we have therefore decided not to pursue a new larget store in Margate,” he added. 

 

"We'd like to thank everyone who supported our plans and will continue to serve the local community through our other stores in the town and our online grocery shopping service."

 

The grocer saw its share price drop 0.9 per cent to 185.15p this afternoon n- though it is still above the 171p level seen last week.