The grocer has increased its floor space by 10.5 per cent in two years – the equivalent of 1.5 million sq ft (139,350 sq m).
The research, by chartered surveyor Colliers CRE, which monitored the property activities of the UK food retailers.
On average, the top five supermarket operators – Tesco, Sainsbury’s, Asda, Morrisons and Waitrose – have expanded their floor space by 3 per cent a year over the past two years.
Colliers CRE head of out-of-town retail Colin Dunkerley forecasts the average growth rate of 3 per cent will continue next year despite the downturn.
“We don’t think the credit crunch is going to affect this. Food store acquisition is a long-term business. All the operators have got to take a long-term view and they can’t take their foot off the gas,” he said.
Asda’s floor space increased from 13.8 million sq ft in 2006 to 15.3 million sq ft (1.3 million sq m to 1.4 million sq m) this year.
In the same period, Tesco’s floor space increased from 22.1 million sq ft to 23.3 million sq ft (2.1 million to 2.2 million sq m), which is an increase of 5.7 per cent – just under half that of Asda.
The approval a fortnight ago by the Office of Fair Trading (OFT) of the merger between Co-op and Somerfield is likely to release a wave of space onto the market, which Dunkerley said is already being looked at by the big supermarkets.
He said: “All of the food store operators have submitted requirements and are preparing bids to take packages.”
Dunkerley believes Co-op is likely to offload more than the 126 stores the OFT has ruled it must sell to complete the deal.
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