Tesco has said it views Thailand as a “very exciting” market after the retail giant said it will invest in a further five Lotus-anchored shopping malls in the country.
“The business there has proved hugely popular with Thai customers so it’s a very exciting market for Tesco to be in,” a spokesperson told just-food. “It’s been a highly successful business that has been very well received.”
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The UK retailer announced the plans for the new malls yesterday. The move forms part of expansion plans that earlier this year included the listing of a property fund in Thailand.
The spokesperson said it sees plenty of potential for growth in the country.
“[We entered Thailand] at a time when we were looking at overseas opportunity in markets with long-term growth potential and markets where the political and legal environment would allows us to get on and run a business.
“We did the research with customers and we thought there was a customer opportunity we thought we could match. Thailand was our first Asian business and it has proven to be a very good market for us.”
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By GlobalDataThe spokesperson, however, declined to comment on its plans for growth given the retailer is in its quiet period ahead of its half-year results, which are published next month.
Tesco operates a multi-format business in Thailand through its Lotus banner comprising hypermarket, Express and Extra stores. It entered the country in 1997.
