Tesco to expand Czech presence

Retail

British retail giant Tesco is reported to be expanding its share of the Czech market, looking to acquire a local discount chain.

Czech newspaper, the daily Mlada fronta Dnes, cited unidentified sources as saying Tesco lodged the highest bid and was the frontrunner to buy the Plus discount retail outlets put up for sale by German retailer Tengelmann. Tesco already has 93 stores in the Czech Republic, having entered the market in 1996. According to the paper, buying up the Plus supermarket chain will see it become market leader in annual sales.

The retailer has already expressed its desire to boost its international presence even further and generate more than half of its overall turnover from overseas operations. Speaking in an interview with The Times last month, Tesco chief executive Sir Terry Leahy said he was looking to reach that goal within the next decade. (talkingretail)

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