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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:
American department store chain Macy's will bet on selling trendy men's clothing.
Oct 18, 2019, USA:
The largest U.S. clothing retailer Gap announced the launch of the first retail store of its brand Hill City.
Oct 15, 2019, USA:
The company Ulta Beauty lures young buyers from its most active competitor.
Oct 14, 2019, United Kingdom:
A music supermarket is opening against the backdrop of reduced sales of music on physical media.
Oct 10, 2019, United Arab Emirates:
The interior of the new gym was designed by the designers looking back at the underground fighter clubs.
Oct 10, 2019, USA:
Against the background of the decline in wholesale sales, Levi Strauss & Co plans to open 100 new stores at once.
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