Another Withdraw for Tesco: China Resources Enterprises to Take 80 Percent Stake in Stores
Tesco announced on August 9th, 2013 that China Resources Enterprises will take an 80% stake in all of Tesco’s Chinese operations. Tesco has seen its rankings in the country steadily decline from 20th in 2007 to 26th in 2012, despite expanding its store network in recent years. Rising rent has already forced some Tesco outlets to close, and if the trend continues, more stores will be forced to shut down. This move marks another withdrawal for Tesco after the company announced it will exit the US and Japan.