Tesco has eyes on China
Asian growth key to global status, says Leahy
Tesco hopes to move up the world retail rankings by growing its operations in Asia, including a move into China.
Two months ago, the UK’s biggest retailer was reported to be in negotiations to buy a 50 per cent stake in the 25-outlet Hymall hypermarket chain in China, owned by Ting Hsin of Taiwan.
The chain, based in Shanghai, trades as Le Gou, meaning Happy Shopper. Ting Hsin has forecast growth to 150 stores by 2008.
Tesco currently ranks behind Wal-mart of the USA and Carrefour of France in the world retail league. Both have expanding operations in China.
[i]The Independent [/i]newspaper reports that Tesco chief executive Terry Leahy told a conference in Brussels this week: “We’re number three in the the world but we want to be number one. Asia is the key growth area in the world and Tesco wants to increase its presence there. To be a significant world player you have to be present in places like China.”
