Tesco considering selling Thailand and Malaysia stores

Britain’s biggest retailer, Tesco, is considering selling its stores in Thailand and Malaysia.

The supermarket giant has more than 2,000 shops in both countries, which trade as Tesco Lotus.

Only in June, Tesco had said it was well placed to grow in Asia, particularly in Thailand, highlighting an opportunity for 750 new stores over the “medium term”.

If, following a review, it goes ahead with the sale of its remaining Asian businesses, it would signal a further retreat from the company’s one-time global ambitions.

Tesco’s only other overseas operations, apart from Ireland, is its loss-making central European division, which has stores in the Czech Republic, Hungary, Poland and Slovakia.

In a statement, Tesco said that “the evaluation of strategic options is at an early stage, no decisions concerning the future of Tesco Thailand or Malaysia have been taken, and there can be no assurance that any transaction will be concluded. A further announcement will be made if and when appropriate.”

Via Sky News