Coles ploughs $1 billion into store expansion

Coles has announced plans to open 70 new stores in the next three years as part of a $1.1 billion investment in the local food retail sector.

The number of Coles stores has remained steady in the last five years, though the size of its stores has been growing.

The new stores will be even larger, at around 2,800 square metres, and under the expansion plan, Coles will open between 20 and 25 supermarkets a year, and the number of store closures will fall.

The new stores will be located across Australia and are expected to create 8,500 full-time equivalent positions, and more than 8,200 construction jobs.

Coles also said it would treble the number of indigenous team members from 1000 to 3000 before the year 2020.

Coles MD, Ian McLeod, said the $1.1 billion investment reflected Coles’ confidence in the future of Australia for the food retail sector.

“Just as GJ Coles expressed his confidence in retail when he opened his first variety store 100 years ago, we are optimistic about the future and are firmly committed to customers, team members and communities across Australia,” McLeod said.

“These jobs will kick start careers for thousands of young Australians and provide new employment opportunities for thousands of other Australians looking for new jobs.”