CHINA: Tesco to close four Chinese hypermarkets
Retail giant Tesco is to close four of its hypermarkets in China as it grapples with what it calls the "challenging" economic environment in the country.
A spokesperson for Tesco today (29 August) said stores in Bengbu in Anhui province, Tieling in Liaoning province, and Taizhou and Changshu, both in the Jiangsu province, would close.
"We said in April at our annual results that we - like many other companies - were experiencing a more challenging economic environment in China and that we were taking a more cautious approach to reflect that," the spokesperson said.
"Any decision to close a store is a difficult one, but we are determined to get it right in such a strategically important market and having the right stores in the right places is key to this."
The spokesperson added: "This decision is about ensuring Tesco is well positioned to take advantage of the opportunity in China once the economic conditions improve."
China is among one of Tesco's key markets in Asia. The retailer operates more than 100 outlets in the country, employing 26,000 staff.
At the firm's annual results in April, Tesco revealed a target of opening 16 hypermarkets by February 2013.
The spokesperson said it will provide an update on its progress "in the usual way" in October, when the retailer announces its interim results.
Textile-making countries came up against a range of labour, economic and environmental issues in 2012, including the worsening Eurozone crisis which dampened demand in key export markets. While some s...
Among the most-read analysis articles on just-style in 2012 were stories relating to the clothing industry in Burma, the importance of speed to market, and the future of the UK apparel manufacturing i...
UK fashion retailer Monsoon Accessorize has appointed John Browett as its new group chief executive officer....
The following is a round-up of apparel and footwear news from the world's local media. just-style has not checked these stories so cannot guarantee their accuracy. ...
Bangladesh's woven garment exports grew by nearly 12% in the first half of the current fiscal year, helped by a shift in orders from China, exporters said....
UK retailer Tesco today (10 January) named Chris Bush as its new UK managing director....
- India's labour law reforms edge a step closer
- Retailers voice concerns on Scottish independence
- Improved supplier capabilities benefit Next
- Alliance and Accord urged to harmonise efforts
- THE FLANARANT: Understand win-win or lose out
- H&M goes green with Conscious Denim
- Under Armour "resonating strongly" with consumers
- Adidas defends position despite investor unrest
- TPP talks "make progress" but issues remain
- Ultrasonic execs disappear along with company cash
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Wool in the 21st Century: new prospects for a familiar fibre
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details