Tesco in Thai expansion
Supermarket giant plans growth in biggest Asian market
May 27 2003
Tesco Lotus, the Thai operation of the UK’s biggest retailer, plans to open more than 25 new stores over the next four years.
Chief executive officer Michael Raycraft said the retailer, which has already opened two new stores this year, will open another seven stores by the end of the year, and expand by about six new outlets a year over the following three years.
Tesco Lotus now has 43 hypermarkets and 11 smaller stores outlets in Thailand, its biggest market in Asia. The number of employees will increase from the current 16,000 to 21,000 by the end of next year.
With other global retailers including Carrefour also active in the country, the Thai government recently said it will tighten planning laws to help local shops compete with the hypermarkets. Raycraft said. “We will continue to adjust our business according to the circumstances in which we are operating.”
