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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, USA:
Many millennials prefer to rent things rather than purchase. In the field of outdoor gear, such consumers are already more than a third.
Apr 18, 2019, United Kingdom:
An in-store cashback app that will provide retailers to force footfall by rewarding customers for spending in stores.
Apr 15, 2019, France:
The brand relies on pop-up stores and new men's clothing lines.
Apr 15, 2019, United Kingdom:
Iconic athleisure brand, Champion, is to open its first UK outlet store at Wembley Park’s London Designer Outlet.
Apr 11, 2019, Spain:
Winners of the most prestigious European retail property award were announced in Barcelona.
Apr 11, 2019, Slovenia:
Slovenia’s most modern shopping center, ALEJA, which is being built in the Šiška district of Ljubljana, will open next year.
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