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Tesco reaches retail deal with China Resources Enterprise



Tesco has entered into a joint venture with state-run China Resources Enterprise (CRE), to create the biggest food retailer within China.
This joint venture will see the combination of 131 Tesco stores in the country, with 3000 CRE stores, called Vanguard.

IGD, the research group, issued figures ranking China as the biggest market for groceries and food globally.  It has an estimated annual value in excess of one trillion dollars. The market is set to increase by 50% over the next three-year period.

Tesco, the UK’s biggest supermarket chain, has been active in the country since 2004 and been very keen to tap into the potential the country offers. The group has had its eye on the Indian market which is estimated to grow rapidly in the coming years.

Earlier this year Tesco announced a joint venture with Trent Limited, a part of the Indian Tata Group.  Tata controls the Star Bazaar retail group in India. Tesco has stipulated that it is set to invest about £85m in this current joint venture. Once they have finalised the venture, the group will operate 12 stores selling a wide range of products, including home care products and groceries.


More about shopping malls in China



YESTERDAY, Finland:
Mall of Tripla, the shopping centre that will be opened in Central Pasila in autumn 2019.
YESTERDAY, USA:
Brand's first Arizona club to serve as a new community hub for holistic healthy living.
DAY BEFORE YESTERDAY, USA:
Green Growth Brands opened the first of more than 100 shops in American malls selling CBD-infused products.
Feb 13, 2019, United Kingdom:
The fast growing operator of premium outlets reports strong results, boosted by increased footfall and average spend per guest.
Feb 8, 2019, USA:
Bowling, karaoke, ping pong and arcade concept joining AMC Theatres to round out third-floor entertainment zone.
Feb 7, 2019, United Kingdom:
The £72 million construction at intu Lakeside will introduce new restaurants and leisure brands to the southeast of England.
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