CHINA: Tesco "outlines China expansion plans"
Tesco, the UK retailer, reportedly plans to open up to 25 stores a year in China as the market grows.
David Potts, the head of Tesco's operations in Asia, told Bloomberg, that the company wants to open as many as 25 outlets to "keep pace" with the growth of the Chinese market.
"There's plenty to go for in China," Potts said on Wednesday on the sidelines of the World Economic Forum in Dalian.
Officials at Tesco could not be reached for comment when contacted by just-food.
China is among one of Tesco's key markets in Asia. According to Tesco's corporate website, it has 105 outlets in the country. The retailer also operates in Thailand, South Korea and Malaysia and has a venture in India. Last month, Tesco announced plans to quit Japan after eight years in the country and focus on its larger businesses in the region.
Tesco also last month raised CNY725m (US$113.6m) through the launch of a bond in Hong Kong to fund its expansion in China.
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