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Tesco to outshine global competitors on China plans
By Emily Ford |
16:09 UTC+8 March 14, 2012
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Online Edition
Online Edition
TESCO will grow faster than the other Big Four global supermarkets in the next three years as it pushes ahead in the key battleground of China, according to a leading European research firm.
The supermarket's aggressive plans to nearly double its number of hypermarkets on Chinese mainland to 196 stores by 2015 will help it to grow 6.8 percent a year between 2011 and 2015, compared with 5 percent at Metro, 4.85 percent at Wal-Mart and 4.21 percent at Carrefour, grocery market specialist IGD said.
While Tesco has endured a troubled year in its home market of the United Kingdom and its Fresh'n'Easy brand has struggled to gain ground in America, emerging markets including Turkey, China and India have boosted growth.
China alone is expected to account for 17 percent of Tesco's international growth to 2015, IGD said.
"Although the British retailer has a smaller presence in China than Carrefour and Walmart, Tesco is growing rapidly. However, it faces tough competition from local retailers, such as China Resources Enterprise," Cecile Riverain, international research manager at IGD, told Shanghai Daily.
Clive Black, an analyst at European brokerage Shore Capital said while French supermarket Carrefour performed well in more "aspirational" cities such as Shanghai where average incomes are higher, Tesco was doing better in second and third tier cities.
He said he expects Tesco's international business to grow in "mid single digits" over the next two years, adding that the quality of its Chinese stores were "variable."
Although Tesco is set to be the fastest growing of the big supermarkets, US giant Wal-Mart will remain the world's biggest retailer by sales, followed by Carrefour.
The supermarket's aggressive plans to nearly double its number of hypermarkets on Chinese mainland to 196 stores by 2015 will help it to grow 6.8 percent a year between 2011 and 2015, compared with 5 percent at Metro, 4.85 percent at Wal-Mart and 4.21 percent at Carrefour, grocery market specialist IGD said.
While Tesco has endured a troubled year in its home market of the United Kingdom and its Fresh'n'Easy brand has struggled to gain ground in America, emerging markets including Turkey, China and India have boosted growth.
China alone is expected to account for 17 percent of Tesco's international growth to 2015, IGD said.
"Although the British retailer has a smaller presence in China than Carrefour and Walmart, Tesco is growing rapidly. However, it faces tough competition from local retailers, such as China Resources Enterprise," Cecile Riverain, international research manager at IGD, told Shanghai Daily.
Clive Black, an analyst at European brokerage Shore Capital said while French supermarket Carrefour performed well in more "aspirational" cities such as Shanghai where average incomes are higher, Tesco was doing better in second and third tier cities.
He said he expects Tesco's international business to grow in "mid single digits" over the next two years, adding that the quality of its Chinese stores were "variable."
Although Tesco is set to be the fastest growing of the big supermarkets, US giant Wal-Mart will remain the world's biggest retailer by sales, followed by Carrefour.
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