Tesco and jobs

A typically misleading statement about new jobs in the retail industry, in this case from the BBC:

"Supermarket chain Tesco has announced plans to create 7,500 new jobs after unveiling an 18.7% rise in first half profits to record levels.
Pre-tax profits for the 24 weeks to 13 August rose to £908m ($1.6bn), beating economist
forecasts of £886m.
Sales at Britain's biggest grocer rose by 14.1% to £18.8bn, with UK same-store sales up 8.2%.
"We remain confident that we will make further progress in the second half," said chief executive Terry Leahy. "

If Tesco opens new stores or expands existing stores, it will create jobs. But because the retail market is mature - additional groceries bought from Tesco will inevitably lead to fewer groceries bought elsewhere - the vast majority of jobs created by Tesco will be offset by the loss of jobs elsewhere, usually in the local butchers, bakers and cornershops. There will be very few new jobs.

I have nothing particular against Tesco but let nobody pretend that the company is somehow doing us a favour.