British Retail Giant Tesco to Invest in SIP
Tesco, the largest retailer in Britain and the third largest in the world, signed an investment agreement with SIP on April 13 on the intent to set up a wholly-owned foreign retail company in SIP. The supermarket is to be located on the west of Xinghu Street and south of Zhongnan Road, with a business area of 25,000 square meters, to be opened by 2007.
Tesco, UK, has been operating in Britain for 80 years, and its annual sales exceed 70 billion US dollars. In every 8 pounds sales in Britain, there is one pound claimed by Tesco. Its overseas shopping malls increased from 6 countries to 13 in the past 7 years. Presently, Tesco's onslaught into the Chinese market is being conducted through acquisition of the Taiwan-owned chain stores, Hymall of Ding Xin Intl Group.
May 17, 2006