Tesco looks to open 750 new convenience stores in Thailand
by James Davey, Editing by Paul Sandle
Tesco, the UK’s largest retailer, has announced that it could grow its business in Thailand by opening 750 new convenience-style stores. There are currently1,583 Tesco stores in Thailand. Tesco’s Asian investment plunge will likely target the Chinese and South Korean markets as well.
The Thai subsidiary, Tesco Lotus, was the first western supermarket to set up in the country 12 years ago. For westerners, the Tesco Lotus experience is familiar yet strange, with durian, dragon fruit and guava replacing strawberries and plums in UK Tescos.
A report to investors says that Thais are migrating from traditional markets to hypermarkets, supermarkets and convenience stores as the country develops.
The possible store expansion was detailed at the group’s Capital Markets Day presentation to analysts and investors, which is focusing on “untapped value opportunities”.
SOURCE: Reuters
