UK-based retail giant Tesco has continued to expand its Fresh & Easy Neighborhood store portfolio in the US despite the economic downturn and higher year-on-year losses.
The group has launched its 64th store in Corona, southern California, taking its total number of outlets to 119 including those in, Las Vegas and Phoenix, the Los Angeles Times reported.
'We are in this for the long game,' Tesco spokesman Jonathan Church told the publication. 'The problem is that we have opened into one of the worst recessions the US has ever seen.'
Tesco last week announced that Fresh & Easy sales were recorded at US$303.8m for the year includinglike-for-like growth of 30 per cent, although trading losses increasedfrom US$95.5m to US$204.5m.
The results reflected the 'morechallenging' trading environment in western US states and the decisionto hold back on further expansion in northern California, the group hadsaid.
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