Tesco says it regards Thailand as a 'very exciting' market after announcing it will invest in a further five Lotus-anchored shopping malls in the country, reports just-food.com.
The UK retailer announced the plans for the new malls on Monday (3 September). The move forms part of expansion plans that earlier this year included the listing of a property fund in Thailand.
'The business there has proved hugely popular with Thai customers so it's a very exciting market for Tesco to be in,' a spokesperson told just-food. 'It's been a highly successful business that has been very well received.'
The spokesperson said Tesco sees plenty of potential for growth in the country.
'`We entered Thailand` at a time when we were looking at overseas opportunity in markets with long-term growth potential and markets where the political and legal environment would allows us to get on and run a business.
'We did the research with customers and we thought there was a customer opportunity we thought we could match. Thailand was our first Asian business and it has proven to be a very good market for us.'
Tesco operates a multi-format business in Thailand through its Lotus banner comprising hypermarket, Express and Extra stores. It entered the country in 1997.
