TESCO yesterday restated its commitment to three major regeneration schemes in the region.

Speaking at the publication of the supermarket group’s half-year results, a senior company director said Tesco was still keen to build a store on Great Homer Street, Everton, and would soon be submitting plans to take part in a major project in Toxteth.

The company also said that the economic downturn would not halt its existing store expansion plans, including the proposed development with Everton Football Club in Kirkby.

The company made its upbeat pledges despite the impact of the credit crunch on shoppers’ habits and growing difficulties financing major projects.

The retailer, which yesterday announced a 10% rise in first-half profits, believes it is well-placed to make long-terms gains in the difficult circumstances.

UK sales broke through the £20bn mark, while underlying pre-tax profits for the six months to August 23 were £1.45bn, in line with market expectations.

Liverpool-born chief executive Sir Terry Leahy said: “I remember the recession in the early 90s in the UK, and Tesco actually continued to invest sensibly through that period and it was one of the best things that we ever did.

“You make most relative progress, I think, in difficult times. So I think that it is very important that we do continue to invest sensibly, to build out the network.

“So, Tesco will continue to invest through this period. We won’t be reckless, of course. We’ll make sure that the balance sheet stays strong. We’ll make sure that the returns are good for the business.”

Fellow Liverpudlian board member Philip Clarke, who started with the company at its Allerton Road store in 1974 and is now its international director, explained what the company has planned in the city.

“We have to submit plans for the Toxteth regeneration scheme soon,” he said. “Toxteth has suffered from depopulation and a bad reputation, which it no longer deserves.

“We are going to put a scheme together for the area the Government wants to regenerate. We want to put a store there which, with approval, will make it a more attractive place.

“We are also trying to get a store at St Modwen’s. We believe a development at Great Homer Street will be good for the city. Our interests are customers, neighbours and shareholders and doing this is good for all three.”

The former Blue Coat school and University of Liverpool student shrugged off the current difficulties, which have seen shoppers look for value and issued a robust defence of Tesco’s market position.

He said: “Tesco is at its best when times are tough, and we have proven that over the years. We have been used to having the wind at our backs and now it is in our faces a bit. But we are adapting our stores to make it easier for people to balance their books.

“We have seen customers shopping in more stores, making sure they get value. We saw these changes seven or eight months ago; that’s why our store offer has changed in the UK.

“The current economic climate is meaning people are shopping around for bargains and value and it’s incumbent on any retailer to provide the same.

“We think Tesco has got a lot more to offer than those stores, but if the prices aren’t right, people will look elsewhere.”

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