Magazines Archives - 2011 Mar
Tesco to open four new stores in Malaysia this year
TESCO STORES MALAYSIA SDN BHD, the Malaysian arm of UK-based retail chain, Tesco, has disclosed plans to open four more hypermarkets in the country within the next 12 months.
The company, which has 36 hypermarkets across Malaysia, has set aside RM280 million (US$92.23 million) to open the new outlets, having received approvals from the government prior to a regulation cap on foreign hypermarket licences.
Tesco Malaysia posted revenues of RM3.6 billion last year and the companys CEO, Tjeerd Jegen, revealed an optimistic double-digit growth for the year ahead.
He stated: Customers have regained confidence because of the positive economic outlook. We will continue to grow and offer space for small and medium-sized enterprises (SMEs) to set up shop. We are also encouraging our existing suppliers, mainly SMEs, to export their products to the UK, China, India and South Korea, where we have set up many stores.
About 60% of Tesco Malaysias products and 70% of the groups house brands are sourced from local SME suppliers. The company is working to promote these products in Tesco stores overseas.
Meanwhile, the groups UK parent has launched an online and in-store service. The latter, on trial basis at 15 of its 2,482 stores, is called the Tesco Gold Exchange, allowing customers to exchange gold for cash at a higher rate than other brokers in the market.
Said a Tesco spokesperson: Customers have been poorly served in this area, so were pleased that we can trial a trustworthy service that is transparent and offers market-leading value. Tesco Gold Exchange helps customers feel confident about gaining a few extra pounds from their unwanted gold, enabling them to spend it on something more worthwhile.
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