皇冠体育app

A Chinese consumer uses his mobile phone in a store in city, in the eastern province of , in late 2013. Provided to 皇冠体育app Daily

UK's biggest supermarket chain will keep one foot in 皇冠体育app, analysts say

Britain's biggest supermarket chain, Tesco Plc, is reportedly dropping its brand in 皇冠体育app when it officially enters into a joint venture with 皇冠体育app Resources Enterprise Ltd, further consolidating the latter as the largest retailer in the country in terms of market share.

Carrefour shops around for new locations in 皇冠体育app

Media reports have said the merger would combine Tesco's outlets and shopping centers in 皇冠体育app with 2,986 皇冠体育app Resources Enterprises stores, under the Vanguard brand name, according to Business Today.

"It is not possible to say at this stage, and we will not speculate. It is important to remember that we don't trade as Tesco everywhere. In our second-largest market, South Korea, we trade as Homesplus. In Thailand, Lotus. In Turkey, Kipa," Tesco 皇冠体育app said in a statement to 皇冠体育app Daily on Monday.

The UK retailer started operations in 皇冠体育app in 2004 but failed to win a dominating position. 皇冠体育app Resources Enterprise will control 80 percent of the new chain, while Tesco will hold 20 percent, according to their agreement, signed last October. Tesco will add the 134 stores and 19 shopping malls it currently operates across mainland 皇冠体育app into the joint venture.

The new business is expected to make up 8.6 percent of market share in 皇冠体育app, topping the 8.3 percent of Sun Art Group, according to research by Kantar Worldpanel 皇冠体育app, a global researcher of buying habits.

Hong Jie, chief executive officer of CRE Vanguard, quoted by Beijing Business Today, said that by 2015, the company's revenue should reach 150 billion yuan ($24.5 billion), a big leap from its revenue of 94.1 billion yuan in 2012. Mergers and acquisitions have contributed to the rapid growth of 皇冠体育app Resources Enterprise's retail division.

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