Business Intelligence on Retailing, Franchising, and Consumerism in China

Tesco To Invest GBP2 Billion In China

The British retail giant Tesco has announced plans to invest GBP2 billion in China over the next five years to expand the number of stores it operates in China.

The company said that by 2016 it will have 80 shopping centers in China, with a total shopping area of 40 million square feet. Of the total area, Tesco's hypermarkets will occupy one-fifth and the remaining space will be allocated to other retailers and leisure companies.

Sir Terry Leahy, the CEO of Tesco, said that the Asian market is the major engine for growth of the group. Under his leadership, Tesco Group's sales increased by 6% to GBP57 billion in 2009 and its pre-tax profits increased by 9% to GBP3.2 billion.

Tesco is currently competing for market share in China with other international retailers such as Wal-Mart and Carrefour. However, the company still has a long way to go before it ranks as a top-five retailer in China.

Be the first to comment on "Tesco To Invest GBP2 Billion In China"

Leave a comment

Your email address will not be published.


  Other China News

AutoNavi, Delphi Reach Deal

Hisense's Net Profit Down 47.39% In First Three Quarters Of 2017

Airbnb China Head Resigns

DMG To Buy China Rights Of Forbes Brand


Chinese Electric Bus Manufacturer Lands USA Deal

American Electric Car Manufacturer To Build In China

U.S. Clean Water Company Makes Chinese Inroads

GE Will Promote Wind Power Through New Chinese Education Center

JD To Build Global Logistics Headquarters In Xi'an

Wumart, AGS Sign Agreement For Seafood Direct Procurement

India Gains Second Factory From China's Xiaomi

85% of Indian Staff To Lose Jobs At China's LeEco