Britain's Tesco plans to quadruple China sales: report
British supermarket chain Tesco plans to quadruple annual sales in China over the next five years to about four billion pounds (6.4 billion dollars), a newspaper report said Tuesday.
Tesco, the world's third-biggest supermarket group by sales after Wal-Mart and Carrefour, also plans to invest two billion pounds in new shopping malls in China, The Financial Times said.
The company revealed its plans during an investor and analyst trip to China and South Korea as Britain's largest retailer steps up expansion efforts in Asia, the report said.
Tesco plans to build 50 malls in China over the next five years and develop a further 30 shopping centres, it said.
British Prime Minister David Cameron kicked off a trip to China this month with a visit to a supermarket run by Tesco in southern Beijing, aiming to highlight opportunities for British companies in the country.
© 2010 AFP