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Tesco to be world's second-biggest retailer
United Kingdom
Thursday 11 December 2008
Boosting expansion in China and India will make Tesco 2nd world retailer by 2012
Tesco will become the world's second-biggest retailer in the next four years, according to a new study out today.
Expert IGD said the grocer's annual sales will hit £106.7bn by 2012, allowing Tesco to overtake Carrefour, the French outfit, and move in behind Wal-Mart.
Yesterday, TNS said Tesco's UK market share has fallen slightly, but continued expansion into markets including India and China will enable Tesco to boost turnover by two-thirds, IGD revealed.
According to Nielsen, Tesco's market share remained unchangedat 28%.
Joanne Denney-Finch, chief executive, said: "The next few years are likely to be challenging for the leading global retailers, yet all are well placed to achieve further growth, particularly internationally.
"Scale alone will not determine who will win in today's global trading environment. Global retailers must also show increased simplicity, greater efficiency, flexibility and strong brand positioning to succeed."
While emerging markets will not be immune to the recession, senior business analyst Jonathan Gunz added, growth there will outstrip the developed world.
Tesco last week reported sales growth of 2% for the third quarter, half its level of growth for the preceding quarter.
Expert IGD said the grocer's annual sales will hit £106.7bn by 2012, allowing Tesco to overtake Carrefour, the French outfit, and move in behind Wal-Mart.
Yesterday, TNS said Tesco's UK market share has fallen slightly, but continued expansion into markets including India and China will enable Tesco to boost turnover by two-thirds, IGD revealed.
According to Nielsen, Tesco's market share remained unchangedat 28%.
Joanne Denney-Finch, chief executive, said: "The next few years are likely to be challenging for the leading global retailers, yet all are well placed to achieve further growth, particularly internationally.
"Scale alone will not determine who will win in today's global trading environment. Global retailers must also show increased simplicity, greater efficiency, flexibility and strong brand positioning to succeed."
While emerging markets will not be immune to the recession, senior business analyst Jonathan Gunz added, growth there will outstrip the developed world.
Tesco last week reported sales growth of 2% for the third quarter, half its level of growth for the preceding quarter.
