UK retailer Tesco has been forced by the recession to reassess its aspirations to become a real estate developer, the FT reported. Under a plan announced in 2007, the retailer set a target of constructing 2,000 homes by 2011 as part of a plan to secure supermarket sites. However, it is now cutting back on its mixed-use building activities. The decision will mean redundancies for Tesco’s property arm as the company seeks to reduce its HQ head count of 5,000 by 100.
