British retail giant Tesco is likely to keep its operation in Thailand despite selling its largest foreign asset in South Korea to improve its poor balance sheet.
One of the many reasons Tesco is not expected to sell its Thai operation, Tesco Lotus, it that it is among the top three retail operators in Thailand and the most recognised retail brand along with 7-Eleven and Central, an industry source said.
Tesco’s sale last week of South Korean operation Homeplus was the first large divestment by its boss Dave Lewis, who wants to slash debt and recover from an accounting scandal and the loss of market share to discount stores Aldi and Lidl.
(Source: Bangkok Post)