Britain’s biggest retailer Tesco is all set for a new front in its planned international expansion by preparing to open a first ever ‘Tesco Express’ convenience store in China. The move expected to happen anytime next month will mark the small store format’s roll-out right across the country, considered one of the world’s most rapidly growing economies. The first Tesco Express is slated to be unveiled in Shanghai via a joint venture with Tin Cao. The supermarket giant is already running over 50 Hymall-branded hypermarkets with Tin Cao.
Tesco recorded its lowest ever sales growth for almost a decade in Britain over Christmas. The finance director, Andrew Higginson advised analysts to look at Tesco as a global business entity. Tesco unveiled its first ever Tesco-branded store in Beijing a year ago. The group has centred its US expansion plans on the roll-out of ‘Tesco Express-style’ format under the brand Fresh & Easy and could start close to 1,000 sites through the west coast of America.
Tesco chief executive Sir Terry Leahy had stated a couple of months ago he wished overseas business of the group to generate at least fifty per cent of its revenue within the next decade or so.