China foothold.SUPERMARKET giant Tesco has unveiled its first move into China after spending pounds 140m on a 50% stake in a 25-strong hypermarket hy·per·mar·ket n. A very large commercial establishment that is a combination of a department store and a supermarket. hypermarket Noun a huge self-service store [translation of French chain. The joint venture agreement with Ting Hsin, which operates the Hymall-branded business, comes after a three-year search by Tesco for a presence in China. The group said it would add its experience in supply chain, product development and store operations to the business, which has sites in Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. and a number of other fast growing cities in east and north China. The UK's biggest supermarket chain operates in 12 countries, including Hungary, Poland, South Korea, Taiwan and Japan. Chief executive Sir Terry Leahy Sir Terry Leahy (born 28 February 1956) is the CEO of Tesco, the largest British supermarket chain. He was knighted in 2002, and was Chancellor of UMIST, his alma mater, from that year until 1 October 2004 when he became co-chancellor of the newly formed University of Manchester. said: ``China is one of the largest economies in the world with tremendous forecast growth. '' International growth is seen as a key segment of Tesco's strategy with sales from 440 overseas outlets now worth more than pounds 6bn. |
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