The Thai subsidiary of leading UK retailer Tesco, Tesco Lotus, will have invested Bt7bn (US$167.7m) this year on expanding its network of hypermarkets and supermarkets.

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Tesco Lotus CEO Michael Raycraft said the retailer, which has already opened two new stores this year, would open seven more by the end of 2003 and six more per year over the next three years. The company said that it would use its internal cash flow to finance its expansion plans.

Tesco Lotus now operates 43 hypermarkets and 11 smaller outlets in Thailand, its largest operation in Asia. The retailer has invested Bt45.5bn in Thailand since its entered the market in 1998 through a JV with the Lotus chain, reports the Thai News Service.

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