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09/02/2006
Tesco announces plans to enter US market
Tesco has announced plans to open a number of convenience stores in the US, in its first venture into the country.
The UK supermarket giant said that it planned to spend up to £250 million per year on the venture, which will be funded from existing resources, and expects to break even after two years.
Tesco plans to open the first store on the West Coast in 2007.
The new stores will be modelled on Tesco's Express stores, of which there are now over 800 in five different countries.
Tesco's Marketing and Property Director, Tim Mason, will move to the US to run the business, the firm announced.
The United States grocery market is currently worth over $600 billion and, Tesco said, is forecast to grow 40% over the next five years.
Tesco Chief Executive, Sir Terry Leahy, said: "This is a tremendously exciting move for Tesco, which will add a new leg to our international expansion. The United States is the largest economy in the world with strong forecast growth and a sophisticated retail market. It is a market we have researched extensively for many years and over the last year we have committed serious resources to developing a format that we believe will be really popular with American consumers."
(KMcA)
The UK supermarket giant said that it planned to spend up to £250 million per year on the venture, which will be funded from existing resources, and expects to break even after two years.
Tesco plans to open the first store on the West Coast in 2007.
The new stores will be modelled on Tesco's Express stores, of which there are now over 800 in five different countries.
Tesco's Marketing and Property Director, Tim Mason, will move to the US to run the business, the firm announced.
The United States grocery market is currently worth over $600 billion and, Tesco said, is forecast to grow 40% over the next five years.
Tesco Chief Executive, Sir Terry Leahy, said: "This is a tremendously exciting move for Tesco, which will add a new leg to our international expansion. The United States is the largest economy in the world with strong forecast growth and a sophisticated retail market. It is a market we have researched extensively for many years and over the last year we have committed serious resources to developing a format that we believe will be really popular with American consumers."
(KMcA)
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