Tesco, the UK’s largest retailer, told just-food today (30 January) that it plans to open approximately ten stores a year in China under the Tesco banner, but denied reports that it intends to convert its joint venture stores currently operating as Le Gou Hymall to the Tesco banner.
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Tesco opened its first own-brand store in Beijing last week. Currently it also operates 46 Le Gou Hymall stores in China through its joint venture with Ting Cao, in which it holds a 90% stake.
“At the moment we only have one Tesco branded store in Beijing. This is being run as an experiment and we intend to keep the brand name we operate under in China until we see how well received the new format is,” a spokesperson for the company told just-food.
