Tesco sells Aeon business and leaves Japan

Tesco, the third worldwide retailer is leaving Japan after 8 years of efforts to establish itself.

Tesco has announced its departure from Japan where it was losing money, selling its operations to Aeon, the No. 1 Japanese distributor for a nominal fee.

Tesco had spent about 32.8 billion yen (326.3 million euros) during the last 8 years and had 117 stores.

The move seems to confirm Tesco's commitment to focus its efforts on the United Kingdom.

source : reuters, zone bourse