Supermarket Asda has said that it will create up to 12,000 jobs over the next five years as part of owner Walmart’s strategy in the UK.

Asda has already announced that over the course of the five-year plan it will open 40 new conventional superstores, 100 new supermarkets, 150 forecourt shops, 1,000 new click-and-collect points and greater online penetration.

Given the scale of the expansion, 12,000 jobs is thought to be a conservative estimate by many industry commentators.

The news came after a meeting between Wal-Mart’s new president and CEO and Prime Minister David Cameron in an Asda at Clapham Junction. Mr McMillon is in the UK as the world’s largest retailer prepares to hold its first ever Board meeting in the UK.

Following the visit, Mr McMillon, who until recently oversaw Walmart’s international operations said: “It has been a pleasure to meet with the Prime Minister today and reaffirm Walmart’s commitment to investing in the UK. 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: “Supporting business, creating jobs and cutting taxes are all part of our long-term economic plan. Yesterday, our tax reforms cut income tax for 26 million people and will help businesses to create jobs. 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.”