Tesco has pledged to quadruple annual sales in China over the next five years to about £4bn as it steps up its expansion efforts in Asia and said it plans to spend £2bn on new shopping malls in the country.
Tesco, the world’s third-biggest supermarket group by sales after Walmart and Carrefour, revealed its plans to build 50 shopping malls in China over the next five years and develop a further 30 during an investor and analyst trip to China and South Korea.
It also said that China was “on the verge of becoming both profitable and a meaningful part of our long-term growth”.
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