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Tesco announces South Korean expansion plan
Tesco is set to expand its operations in Asia after announcing its intention to buy 36 discount stores from E-Land in South Korea for 1.95 trillion won (£958m).
The UK’s largest retailer, which operates as Samsung Tesco in Korea, has been aggressively exploiting opportunities in key overseas markets such as the US, where it opened it opened the first of its Fresh ‘n’ Easy stores last year.
The company’s international store sales rose by 25.3 per cent in 2007.
Tesco chief executive Sir Terry Leahy said: "After nine years of successful development in South Korea, Samsung Tesco is now a substantial business and our leading international operation.
"This acquisition of high-quality assets is an important strategic move, which will allow us to accelerate our growth in this key market and deliver a much stronger offer for customers as we convert the stores to Homeplus. It also demonstrates our continued commitment to invest into South Korea."
According to Tesco, South Korea’s grocery market is valued at more than $100bn (£50bn) annually.
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