LONDON, Feb 25 (Reuters) - Britain's Tesco, theworld's No. 3 retailer, is to accelerate a turnaround plan forits key home market, stepping-up the pace of large storerevamps, growth in online and convenience channels and pricecuts.
In a statement published ahead of an investor and analystseminar later on Tuesday, the group also said it plans a furthersignificant reduction in planned net new space growth.
It said this will mean group capital expenditure will bereduced to no more than 2.5 billion pounds ($4.2 billion) peryear for at least the next three financial years.
In the 2012-13 year Tesco's group capital expenditure was 3billion pounds, or 4.1 percent of sales, a reduction of 0.7billion pounds on the previous year.