Tesco to open 750 new stores in Thailand

Tesco is to dramatically ramp up its presence in Thailand, one of its most successful overseas markets, by opening 750 new stores.

The UK supermarket chain – which operates as Tesco Lotus in Thailand – will open the stores over the next three years, creating around 10,000 jobs, according to multiple reports. The story was first reported by the Mail on Sunday.

Tesco has pulled out of a number of overseas markets in recent years, including an expensive but ultimately unsuccessful foray into the US, after struggling to make its mark outside of the UK.

Thailand, however, has proved the exception. The grocer opened in the country in 1998 and now has around 2,000 stores. Last year it generated revenues of £4.1bn, making it the group’s biggest market outside the UK, although profits in Asia were down 4.3% after it withdrew from wholesale operations in Thailand.

Tesco chief executive Dave Lewis called the economics of the country “very attractive. There is a big emerging middle class.”

Tesco Lotus chief executive Sompong Rungnirattisai told the Mail on Sunday: “Our plan is to open 750 new Express stores, while refreshing existing stores over the next three years into this proposition. For larger stores, a space repurposing programme with new offers is already underway.”