5,500 new Tesco jobs on the way; Giant to spend pounds 550m on stores: Tesco creates 5,500 jobs.

Byline: Jon Griffin

SUPERMARKET giant Tesco is splashing out more than pounds 500 million in a West Midland spending spree - bringing 5,500 new jobs to the region.

The group, which defied the downturn to reveal annual profits of pounds 3.13 billion today, revealed plans for a string of new developments across the region.

New locations planned over the next 12 months include major sites in Birmingham at Yardley, Hodge Hill and Springhill, which will create 1,500 new jobs alone in the city.

Meanwhile, six new store developments are planned across the Black Country, including Brownhills, town centre projects in West Bromwich and Walsall, and Raglan Street, in Wolverhampton.

And other stores are planned further afield across the region, including Rugeley and two in Stoke on Trent.

Tesco regional corporate affairs manager Tony Fletcher said: "We see the West Midlands as very much a growth area for us..

"We are pretty much underrepresented in Birmingham city centre and these are very good opportunities for us.

"One or two of these are subject to planning permission but, if all our plans come to fruition, then we will be spending pounds 500 million plus." Group finance director Laurie McIlwee said: "We are already a big employer in the region, with around 11,000 employees and we are now looking to open a number of new stores in the West

Midlands." Tesco today announced sales of up to pounds 1 billion a week and annual profits of more than pounds 3 billion for the first time in its history. "By anybody's yardstick, we are pleased with these results. It has not been easy in any of themarkets we operate in - you have to sell at the right price and create the right shopping experience," added Mr McIlwee .