The world’s number three retailer Tesco is aiming to quadruple Chinese revenues between now and 2015 by doubling the number of its hypermarkets there to more than 200.
With China poised to have 221 cities of over a million people by 2025, compared to only 35 in Europe, Tesco says the time is right for massive expansion. 200 Chinese outlets would give it a similar size to its largest UK market, which it dominates.
However it will face competition from the world’s numbers one and two, Wal-Mart and Carrefour, who have announced similar expansion plans in China.
If all goes according to plan China will provide Tesco with nearly five billion euros of revenue by 2015.