Tesco, the supermarket giant is reportedly selling off more than a dozen sites that it no longer wants to develop to a property company in a £250m deal.
Around 10,000 residential properties may be built on the sites in London, the South East and Bath.
The proposal is forms part of the supermarket’s turnaround and restructuring strategy.
The supermarket stated in January that it was shelving plans to open 49 large supermarkets – some of which had already been built – as well as closing 43 unprofitable stores.
Nevertheless, the decision to abolish the planned new stores attracted criticism. Pat McFadden, Labour MP for Wolverhampton South East, where a major supermarket plan was mothballed, said that the local community felt let down.
Source: BBC Business News