Leading UK multiple retailer Tesco is planning to expand its reach into China and Japan by hooking up with local partners.
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“The firm has already conducted market research in Japan and is now searching for a business partner,” the Nihon Keizai Shimbun newspaper said citing company sources. The report claims that in China, Tesco will focus on three major cities including the capital of Beijing, and is already in talks with several local retailers with whom it may partner.
The move will extend Tesco’s thriving operation in Asia, where it already operates 50 stores in South Korea, Taiwan, Malaysia and Thailand, where it acquired the local chain Lotus.
A number of international retailers are eyeing Japan and China as new investment channels. Just yesterday just-food.com reported that German giant Metro is upping its investment in northern China – click here to read more.
Meanwhile, back in the UK Tesco’s bank, HSBC, said the supermarket group is to borrow €500m (US$439.8m) by issuing a three-year bond today. The interest rate payable will be determined today, and is likely to be between 25 and 27 basis points over the swaps curve, reported Reuters.
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