Australian supermarket giant Coles to open 70 new stores, create 16,000 jobs

Australia's supermarket giant Coles will open 70 new stores and create 16,000 jobs across the country over the next three years, local media reported on Wednesday.

Coles Chief Executive Officer Ian McLeod on Wednesday announced that the company would invest 1.1 billion AU dollars (0.99 billion U.S. dollars) in the massive expansion plan.

The capital investment in new stores has shown the company's confidence in the future of the local retail sector, he said.

The 70 new stores will create 8,500 full-time equivalent retail jobs and more than 8,200 construction jobs, according to McLeod.

"We are optimistic about the future and are firmly committed to customers, team members and communities across Australia," McLeod said.

"These jobs will kick start careers for thousands of young Australians and provide new employment opportunities for thousands of other Australians looking for new jobs."

Currently, Coles employs more than 100,000 workers across Australia.