November 3, 2008

Tesco Likely to Set Up China Head Office in Shanghai

British retailer Tesco, which plans to increase investment in China, has selected Shanghai to open its head office in the country, reported China Knowledge citing Tesco's non-executive chairman David Reid.

According to Mr Reid, Tesco is looking at the possibilities of expanding into the western part of China. Currently, the retailer operates 58 hypermarkets in northern, eastern and southern China. Mr Reid also maintained that Tesco's business in the county is growing rapidly.

In 2004, by purchasing a 50% stake in Ting Hsin, a food supplier, Tesco made a foray into the Chinese market.