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Tesco Plans To Close Four Supermarkets, Realigns Operations In China

August 24, 2012: 12:00 AM EST
Tesco plans to shut down four supermarkets in China as part of its strategic adjustment in the country. Industry analysts described the closure as a response to the slowdown in China’s retail market and as a sign that foreign retailers’ business model is not suited to the country’s less developed urban centers. In 2011, retailers’ labor costs increased 26 percent and rents rose 10 percent, according to business news site jrj.com, citing an industry report issued jointly by China Chain Store & Franchise Association and Deloitte & Touche.
Zhang Ye , "Tesco to shut down four stores in smaller cities", Global Times, August 24, 2012, © The Global Times
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