Asda owner Walmart has announced that it could create 12,000 new jobs in the UK over the next five years.

President and CEO of Walmart, Doug McMillon, met with Prime Minister David Cameron at the Asda store in Clapham Junction, London, yesterday (7 April).

Through a five-year strategy, Asda will continue to expand, creating jobs in parts of the country where it does not currently have stores.

Mr McMillon said: “We know that the UK is a great place to do business and since Walmart acquired Asda 15 years ago we have been able to invest £8bn in the UK economy – creating over 100,000 jobs, opening 342 new Asda stores and bringing lower prices to millions of customers.

“A seismic shift in the structure of the retail market is underway – not just in the UK – but right across the world. Asda recognised the change in its market and took early action to develop and implement a strategy that will see it grow – creating more new jobs and bringing real value to more customers in the UK.”

Prime Minister David Cameron said: “I am delighted that Asda is continuing to invest heavily in the UK, creating another 12,000 jobs that will give people financial security for the future.”