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Tesco to quit Japan
The supermarket revealed today that it plans to sell its entire business in Japan, eight years after launching in the country after admitting that it “cannot build a sufficiently scalable business”. Whilst last year Tesco’s Asian business grew by over 20% and delivered revenue of over £10bn. China and South Korea have been among the key growth markets, Japan is the smallest of Tesco’s international retail businesses.
Tesco operates 129 small stores in the Greater Tokyo area under the Tsurakame, Tesco and Tesco Express formats, however, nearly half of the stores are loss making and although Tesco said it had developed a strong own label range and a fresh kitchen to supply fish and other products to its stores, it had decided the business did not fit with its global strategy.
Tesco will be undertaking a formal sale process over the coming months and the business will continue to trade as usual in the meantime.
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