Tesco targets China with new Lifespace shopping centre developments
Tesco has continued its assault on China with the opening of a 30,000 sq m "Lifespace" shopping centre in Qingdao.
The retailer last Saturday unveiled the first of 23 planned Chinese "freehold malls" several will include cinemas, flats and offices.
Tesco, which on Tuesday will update the City on its Christmas trading, hopes the new shopping centres will help it gain ground on rivals Walmart and Carrefour in the Chinese market of 1.3 shoppers.
London Fashion Week: fair trade fashion event and NoirFifty thousand people turned out for the opening of the Qingdao centre, which is described as feeling a lot more "local" that the standard foreign hypermarket, with much noise and bustle and the sale of live turtles and fresh stingray adding to the atmosphere.
The company will spend 500m in China this year, one-quarter of total capital expenditure outside the UK. The ratio will continue to rise over the next five years, Philip Clarke, Tesco's international director, told the Financial Times.
Tesco will have 82 hypermarkets operating in China by February, but sales there are still less than two per cent of the group's total.
Walmart's share of Chinese hypermarket sales in 2009 was 45bn yuan, Carrefour's 33bn yuan, while Tesco accounted for just 11bn yuan, according to data from Euromonitor.
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