According to a report in Britain's The Times, the British retailer Tesco will build its first shopping center in Fushun, Liaoning province, to expand its business in the Chinese market.
Tesco currently has 64 outlets in China and plans a construction area of 500,000 square feet for its new shopping center, which consists of a hypermarket, a food court, a gym, and a residential apartments. In addition, the new shopping center will have 650 parking spaces.
This project is reported to be the first time Tesco is to develop and own a shopping center: although it has been a tenant in others. If this is successful, the company plans to build three more shopping centers this year.
According to Ken Towle, the president and CEO of Tesco China, though the current economic crisis has affected the Chinese consumers, in the long run, the income of the Chinese consumers will continue to grow and with it the desire for a higher quality of life. Towle added that he wanted Tesco to be at the forefront of meeting the changing aspirations of local people.