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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



Aug 15, 2018, Finland:
Mall of Tripla introduces fashion enthusiasts to five shops making their first move into the Nordic region.
Aug 9, 2018, United Arab Emirates:
Dubai Holding, Emaar launch new ‘tech-driven’ mall, nearly double the size of Dubai Mall.
Aug 8, 2018, USA:
Scottsdale Fashion Square to be the first property to open Industrious coworking location.
Aug 7, 2018, Italy:
Apple Piazza Liberty opened in Milan to thousands of customers with new retail store design.
Aug 1, 2018, USA:
The first Microsoft mirror appeared in the flagship store H&M on Times Square in New York.
Jul 27, 2018, United Arab Emirates:
The theme park is the part of the large-scale development of Yas Island in Abu Dhabi.
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