Tesco Closes First Store In China, Highlights Challenge Faced By Foreign Retailers

Tesco plans to shut down its first retail store in China located in Shanghai’s Changning district. In 2012, Tesco closed four branches in China and the planned closure of the Changning Tesco outlet highlights how tough the changing retail market in the country is for foreign-owned retailers. US-based retailer Wal-Mart Stores, Inc. also closed three stores in April 2013, with more branches likely to be shut down also.