Tesco Sells 2,000 Stores and Leaves Asia

After the sale of Tesco’s assets, focus on the domestic market as well as in Central European countries.

British food retailer Tesco has sold its latest assets in Asia. According to RetailDetail, the Thai conglomerate CP Group has paid about 9.3 billion euros for 2000 stores in Thailand and Malaysia. A preliminary agreement on the deal has already been signed. After the sale of Tesco’s assets, the company will focus on the domestic market, as well as in Central European countries. 

Recently, Tesco, which is experiencing financial problems, has been more focused on the domestic market. Previously, the company had to reduce its presence in Japan, Turkey, and the United States and close down in France. In February 2020, Tesco sold a 20% stake in a joint venture in China and withdrew from the market. 

Thus, after leaving Asia, Tesco will maintain its presence in the UK and Ireland, as well as in the Czech Republic, Hungary, Slovakia, and Poland. Earlier it became known that the British retailer left the top 10 largest companies in the world retail market by revenue for the first time. Tesco plans to pay out about 6 billion euros to shareholders through special dividends.