Tesco is concentrating on growing its market share in Eastern and Central Europe; along with its Asian business, reports indicate. In a recent statement, the supermarket giant has laid out plans to increase the number and size of stores throughout its Central and Eastern European markets along with expansion in Asia.
Most recently, Tesco has reported increased sales expansion in South Korea, which is its largest market beyond England. China and India have been growing their sales results as well. This is in direct contradiction of slowed growth in the U.S. and the UK.
Tesco’s biggest expansion plans in Asia are for China, where it will double its number of hypermarkets by the year 2015.
The company reports that its strongest asset right now is international growth, which aided it to more than overcome sluggish business at home. The emerging markets in Europe and Asia must be where the company concentrates right now, says a spokesman, in order to benefit from future growth of these countries, while we unfortunately see the economy slow at home.
Refitting of the foreign markets will include store additions such as pharmacies and phone shops, in the hope that giving the emerging growth nations the opportunity for shopping in numerous formats will increase customer loyalty and aid branding.