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Tesco brand reportedly to be dropped

UK's biggest supermarket chain will keep one foot in China, analysts say

Britain's biggest supermarket chain, Tesco Plc, is reportedly dropping its brand in China when itofficially enters into a joint venture with China Resources Enterprise Ltd, further consolidating thelatter as the largest retailer in the country in terms of market share.



Tesco brand reportedly to be dropped

Carrefour shops around for new locationsin China


Tesco brand reportedly to be dropped

How the cookie crumbled forTesco

Media reports have said the merger would combine Tesco'soutlets and shopping centers in China with 2,986 ChinaResources Enterprises stores, under the Vanguard brandname, according to Beijing Business Today.


"It is not possible to say at this stage, and we will notspeculate. It is important to remember that we don't trade asTesco everywhere. In our second-largest market, SouthKorea, we trade as Homesplus. In Thailand, Lotus. In Turkey,Kipa," Tesco China said in a statement to China Daily onMonday.

The UK retailer started operations in China in 2004 but failedto win a dominating position. China Resources Enterprisewill control 80 percent of the new chain, while Tesco will hold20 percent, according to their agreement, signed lastOctober. Tesco will add the 134 stores and 19 shoppingmalls it currently operates across mainland China into thejoint venture.

The new business is expected to make up 8.6 percent ofmarket share in China, topping the 8.3 percent of Sun ArtGroup, according to research by Kantar Worldpanel China, a global researcher of buying habits.

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


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