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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

May 28, 2020, USA:
Adidas and AllBird have announced a partnership aimed at creating new environmentally friendly technologies.
May 27, 2020, France:
French chain of department stores Galeries Lafayette has announced a new service for customers during the closing of stores.
May 27, 2020, USA:
The chain of coffee shops adapts to the realities of the post-quarantine world and focuses on drive-thrus, self-service, and delivery.
May 26, 2020, Italy:
Due to the sharp decline in interest in fashion in the midst of the pandemic, the company is abandoning the traditional calendar of shows and moving to an off-season schedule.
May 26, 2020, Germany:
The masks to protect against coronavirus are called Face Covers and are made from recycled materials.
May 25, 2020, United Kingdom:
Due to the coronavirus pandemic, more and more customers are adopting the habits of the younger generation and do not want to constantly change their wardrobe.
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