Grocery retail giant Woolworths Ltd
(ASX:WOW) says 15,000 jobs will be created in Victoria over the next seven years as the company moves its way into the hardware sector.
Woolworths has hooked up with U.S. company Lowe’s to make its entrance into the sector and take on hardware giant Bunnings.
According to the Australian Associated Press Victorian Premier John Brumby and CEO Michael Luscombe are to announce the first of 30 stores are to be built in Coolaroo, Melbourne.
APP reports Mr Brumby saying Woolworths $400 million investment is expected to generate 4000 direct retail jobs over the next five years and during construction of the planned 30 stores statewide is expected to create 11,000 jobs in Victoria.
Work is expected tom commence within the coming months with the official opening in late 2011.
Woolworths recorded net profit of $1.8 billion in 2009.
