Tesco plans to quadruple its sales in China to GBP4 billion (USD6.3b) within five years.
Tesco China chief executive Ken Towle told analysts and investors the retailer planned to double the number of hypermarkets it has in China to over 200 and open 50 Lifespace malls. It expects the move will see the number of customers per week triple to 12 million. Tesco currently has 82 hypermarkets and four 500,000 square-foot Lifespace malls across eastern China.
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(Source: Retail Week)