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Magazines Archives - 2007 February
Tesco To Beef Up Korean Presence
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UK-BASED Tesco will inject £2 billion (US$3.93 billion) into HomePlus, its joint-venture business in South Korea. This is its largest single investment in the venture to date. According to local reports, Tesco has invested £1.4 billion in HomePlus for the past eight years.
The retailer, which operates the HomePlus discount chain in South Korea with local company Samsung Corp, said it would concentrate on growing its presence in the country one of Tescos core overseas markets.
It plans to up the number of HomePlus stores from 50 to 150 by 2012, and achieve a sales target of 16 trillion won (US$17.5 billion), said CEO Lee Seung-Han in local reports.
The number of HomePlus stores currently lags behind local market leader E-Marts approximately 110 outlets
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