A senior executive at retail giant Tesco has indicated that the company is looking to step up its presence in China, having recently withdrawn from the Japanese market.
In an interview with Bloomberg in Dalian, head of Asian operations David Potts revealed that Tesco had identified the country as a particularly promising target for growth, encouraged by its resilient economic performance.
“There's plenty to go for in China. Asia is remarkable for growth. We are very fortunate to be here. We are growing as Asia grows,” he said. “Tesco's growth, in our plans, is destined to come from Asia.”
Mr Potts suggested that Tesco could look to open as many as 25 new outlets in China each year to keep pace with the country’s growth. The supermarket chain’s Asian revenues surged by around four times the rate of its UK income over the last fiscal year.
Last month, Tesco announced it was seeking a buyer for its Japanese division – including 129 stores in the Greater Tokyo conurbation – and instead turning its focus towards reversing the fortunes of its Fresh ‘n’ Easy business in the US.
