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Tesco set to open 10 stores per year in China
Last updated at 16:07pm on 30.01.07
Tesco has major expansion plans for China
Tesco has announced plans to open 10 stores in China a year to expand its presence in the booming economy.
Tesco, Britain's largest and the world's fifth-biggest retailer, is making a multi-pronged foray into new markets to offset the prospect of slowing consumption in the UK.
The company opened its first own-brand store in Beijing last week, and also owns the Le Gou Hymall stores in China through its joint venture Ting Cao, in which Tesco has a 90 per cent stake.
In a statement, Tesco said it plans to bring Ting Cao's 46 stores under its own brand.
"Over time we plan to apply to rebrand these stores so they carry the Tesco name alongside Le Gou," Tesco said.
Tesco last month took control of Le Gou - which roughly translates as 'happy shopping' - in a deal valued at around £178 million with its partner, Taiwan-based Ting Hsin.
After a failed attempt to agree a joint venture to enter India last year, Tesco is stepping up its presence in China and will open a series of convenience stores on the West Coast of the United States in the autumn this year.
While global rivals Carrefour and Wal-Mart are looking to expand in China's second-tier, inland cities, Tesco has its growth focus on the areas surrounding Beijing, Shanghai, and Guangzhou in the south.
Multinationals are already well-established in the coastal regions, where Tesco also vies with local firms such as Wumart, Lianhua, Beijing Jingkelong and China Resources Enterprise.
Tesco, which also competes with Germany's Metro in China, globally owns about 2,400 stores -ranging from hypermarkets to small convenience stores. Some 900 stores are located outside the United Kingdom.
It currently has 60 per cent of group space outside Britain and foreign markets account for 20 per cent of its profits.
Reader views (4)
Here's a sample of the latest views published.
Get a life, this is a Chinese shop catering for Chinese tastes and culture. People in this country get on thier animal right soap boxes at any excuse. What Tesco are doing is removing some of the practises from less hospitable street markets. Tesco UK sell live mussels, surely they have the same rights.
- Gavin J Marshall, Grimsby, Lincoln
Yes, there is a campaign, we have a Petition.
- Paul N Davis, Cranleigh, United Kingdom
According to The Independent, Tescos are now selling live turtles, frogs and fish in their Chinese stores. Is there a campaign dealing with this particular issue?
- Gill Deacon, Clevedon, England
I understand that Tesco provide FREE bus transport for their Chinese punters - will they be introducing this generous service nationwide in the UK?
- Ted, Shetland Isles
