China Set To See 10 Tesco Stores Open Per Year

Wed, 31 Jan 2007
 
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British supermarket chain Tesco Plc plans to open about 10 Tesco stores in China a year to help expand its presence in the thriving economy, the company said on Tuesday.

Currently the UK’s largest and the world's fifth-biggest retailer, Tesco is planning a foray into the eastern markets to offset the prospect of slowing consumption at home .

Last week saw the opening of the first Tesco store in the capital, Beijing, with the retailer also owning the Gou Hymall stores in China through its joint venture called Ting Cao.

The retailer announced its plans to bring Ting Cao's 46 stores under its own brand.

Tesco said, "Over time we plan to apply to rebrand these stores so they carry the Tesco name alongside Le Gou."

Le Gou, which roughly translates as 'happy shopping' were taken over by the British giants last month, in a deal valued at around £178 million with its partner, Taiwan based Ting Hsin.

Late last year a deal was struck for Tesco to open up a series of convenience stores on the West Coast of the United States in the autumn this year.

However the company did recently fail in a bid to enter the Indian market so attentions have now been heavily turned to China .

Global rivals come in the shape of Carrefour and Wal-Mart, who are looking to expand in China's second-tier, inland cities, where as Tesco has its growth set on the areas surrounding Beijing, Shanghai, and Guangzhou in the south.

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