Tesco has opened its first store in China using its own fascia.
The retailer currently operates 50 stores in the country through a partnership with Ting Hsin, which operates Hymall stores. The partnership has been running for three years.
The store, situated in Beijing, has a Tesco fascia and sells Tesco branded products. It is set to compete with international chains such as Carrefour and Wal-Mart.
In November, Ying-Chiao Wei, chairman and chief executive of Shanghai Hymall Commercial Retail Group, admitted Tesco had applied to the Chinese government to authorise the use of the Tesco logo across its network of stores.
“It is an announcement to consumers that we are international. It differentiates us from local businesses, it will be beneficial to improving the brand name,” he said at the time.
And last month Tesco increased its share in the partnership with Ting Hsin from 50% to 90% in a deal worth £180m.
The retailer currently operates 50 stores in the country through a partnership with Ting Hsin, which operates Hymall stores. The partnership has been running for three years.
The store, situated in Beijing, has a Tesco fascia and sells Tesco branded products. It is set to compete with international chains such as Carrefour and Wal-Mart.
In November, Ying-Chiao Wei, chairman and chief executive of Shanghai Hymall Commercial Retail Group, admitted Tesco had applied to the Chinese government to authorise the use of the Tesco logo across its network of stores.
“It is an announcement to consumers that we are international. It differentiates us from local businesses, it will be beneficial to improving the brand name,” he said at the time.
And last month Tesco increased its share in the partnership with Ting Hsin from 50% to 90% in a deal worth £180m.
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