Tesco to Open Convenience Format in China
London Tesco will open its first Express convenience store in China as part of its international-expansion plans to offset slowing growth at home in its food business, according to a Reuters report.
“We don't have a firm opening date, but yes we are planning to open our first Express store in Shanghai shortly," said a spokeswoman for the company, adding that the retailer already operates 46 hypermarkets in China.
Tesco has targeted countries such as China, the United States and Turkey to spearhead its international expansion.
On Friday, Tesco said it planned to invest $1.5 billion over the next five years in Turkey as it sets up 100 stores in the fast-growing economy.