The Tesco / Carrefour deal to swap stores in Asia and eastern Europe has been confirmed, putting the next place in Tesco’s international jigsaw as it attempts to increase the proportion of overseas sales within its overall group turnover.
Tesco is to exchange its six stores in Taiwan for Carrefour's 11 outlets in the Czech Republic and four in Slovakia. Tesco will also pay the French group £39 million, as both companies take the decision to exit countries in which they have a low market share.
Tesco finance director Andrew Higginson said the company still has plans to expand elsewhere in Asia.
The UK's market leader has stores in Thailand, Malaysia, South Korea and China. But Taiwan was the one Asian location in which it had struggled to make its mark.
"We've got a very good position in Asia and we're pressing on," said Higginson.
The addition of Carrefour's Czech and Slovak stores, he added, consolidates Tesco's strong position in eastern Europe. It already operates outlets in the Czech Republic and Slovakia, plus Hungary and Poland.
Tesco makes 20 per cent of its profits overseas.
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