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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, United Kingdom:
The American brand will launch its first full-price standalone store outside London.
DAY BEFORE YESTERDAY:
What changes can we expect in shopping malls and retail shops in the near future?
DAY BEFORE YESTERDAY, Netherlands:
Multi Netherlands kicks off the major city center project in Rotterdam.
Sep 19, 2017, United Kingdom:
L&G has announced a £10 million increase in its investment of The Grafton Cambridge.
Sep 19, 2017, Russia:
Crocus Group presents Vegas Kuntsevo, the third project in a network of thematic shopping malls in Russia.
Sep 18, 2017, USA:
Toys 'R' Us has hired Kirkland & Ellis to represent them as they can start bankruptcy proceedings.


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