28 November, 2007 – UK supermarket giant Tesco has said expanding into India and Russia could be part of its global strategy, according to sources.
Company CEO Terry Leahy announced that the chain, the UK’s number one and third largest in the world, planned to double its revenue from overseas outlets to over 50 pct in the next decade. Currently, 73 pct of its £50 billion annual turnover is generated from its UK operations.
According to the UK media, the 51-year-old Tesco boss said the group was mulling a foray into the Indian market and would not rule out opening stores in Russia.
“We keep looking everywhere,” he was reported as saying.
A Tesco spokeswoman declined to add any further comment saying the company never ruled anything in or out.
The clarification of Tesco’s international aims in terms of its financial targets comes as it seeks to gain a foothold in the US market with the opening of its Fresh and Easy stores California.