Member Article

Tesco set to leave Japanese market

Tesco are set to leave the Japanese marketplace after almost 10 years of trading in the country.

The exit will take place in two stages, which will first see it sell 50% of its subsidiary in the country to Japan’s second largest retail group Aeon.

Prior to the exit, Tesco is set to invest £40 million in the joint venture, although the deadline for when this will happen is yet to be made public.

Commenting on the deal, Philip Clarke,Tesco’s chief executive, said: “I thank our colleagues in Japan, who have done an excellent job for the business - in particular over recent months.

In 2011 Tesco first expressed a desire to sell its Japanese business.

This was posted in Bdaily's Members' News section by Ruth Mitchell .