Tesco, the UK's biggest retailer, is looking to build a joint venture in China in a bid to cut back capital expenditure amid global expansion, said people in the know.
A formation of a joint venture in China will not only help cut costs but also bring sales experience, pointed out market observers. Tesco, set foot in China in 2004, is seeking for partners in the country, according to three of the people.
The UK retailer worked out an aggressive China expansion plan more than two years ago, including the opening of large shopping centers and department stores in mainland China, Hong Kong and Macau with billions of pounds, but later abandoned the plan because of global economic downturn.
Source:
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