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Tesco plans to add 750 stores to its retail network in Thailand over the next three years, providing more than 10,000 jobs, a UK report said.
While they have failed in a number of countries, British supermarket operators have made a profit in Thailand. Tesco made £4.1billion in revenue in Thailand last year, making the country the largest market for it outside the UK, the report by Mirror News said.
Tesco has been established Thailand since 1998. It has now more than 1,500 express shops and about 400 bigger stores along with an online shopping service under the brand Tesco Lotus. The company serves more than 15 million customers every week.
Dave Lewis, the chief executive of Tesco, said: “The economics of the country are very attractive. There is a big emerging middle class. We have been making changes over the past two years but now we have a model we are very pleased with.”
Lewis’s plan will create some 10,000 jobs in Thailand. He said he sees big potential for market growth, as half of the Thai food shopping market consists of traditional markets, street stalls and small family-owned shops.
Tesco’s main competitor in Thailand is Japanese-US convenience store business 7-Eleven, which has thousands of stores in Thailand. It is by CP All.