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Tesco store to close
By Ding Yining |
May 8, 2013, Wednesday
|
Online Edition
Online Edition
TESCO is closing an outlet in Jingan District when its lease runs out at the end of the month.
The UK-based retailer has 113 outlets in China, with 23 stores in Shanghai.
The outlet at the junction of Yongyuan Road and Zhenning Road opened in July 2003.
Tesco added 13 new stores last year compared to 16 in 2011.
Foreign retailers have been adjusting strategies after rising labor costs and rent squeezed profits.
US retail giant Walmart said in April it was closing its Minhang outlet together with another two in the provinces of Jiangsu and Guangdong.
Last year, Walmart added 30 new stores in China, down from 50 new openings in 2010 and 41 in 2011.
The UK-based retailer has 113 outlets in China, with 23 stores in Shanghai.
The outlet at the junction of Yongyuan Road and Zhenning Road opened in July 2003.
Tesco added 13 new stores last year compared to 16 in 2011.
Foreign retailers have been adjusting strategies after rising labor costs and rent squeezed profits.
US retail giant Walmart said in April it was closing its Minhang outlet together with another two in the provinces of Jiangsu and Guangdong.
Last year, Walmart added 30 new stores in China, down from 50 new openings in 2010 and 41 in 2011.
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