The investment will go towards 50 major store upgrades as well as the creation of eight new Tesco Express locations.
The statement comes as Tesco prepares to launch its 167th location on Rathfarnham's Scholarstown Road on September 7.
By the end of the year, three additional Tesco Express locations will open in Dublin, in addition to those in Cork and Waterford.
Over 100 new positions will be created by the new stores in addition to internal role transfers for current coworkers and new management possibilities. With 13,000 people who are now employed by Tesco in Ireland.
The robust pipeline of upcoming store openings and renovations, according to Tesco Ireland's chief operating officer Geoff Byrne, is excellent news for customers.
“We have an ambitious development strategy for the business and are very excited to be expanding our Tesco Express model. We remain as committed as ever to delivering a rewarding shopping experience for our customers, which offers real value.”
“Our Two Oaks store is the first of eight new stores we plan to open this year. Our Tesco Express model is proving very successful in urban settings and reflects evolving consumer demand for greater convenient shopping opportunities in high footfall areas.”