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Tesco's Turkish unit plans 5-year $1.5 bln expansion
Reuters - Tesco's Turkish retail chain Kipa will
invest $1.5 billion over the next five years as it
establishes 100 stores in the fast-growing economy,
it said.
The expansion of the Tesco Kipa chain, currently
comprising just 12 stores, is expected to boost its
revenues to $5 billion once the new stores are
operational, spokesman Gurcan Onol told a news
conference.
Tesco's expansion in Turkey, one of 13 countries
where it operates, is part of an international push
by the world's third largest food merchant after
Wal-Mart Stores Inc. and Carrefour to offset slowing
growth at home in Britain.
Kipa aims to double its revenue to $2 billion in the
financial year ending March 2009 and will hit a
target of $1 billion in sales for this financial
year. The retailer did not rule out acquisitions,
Onol said, without giving details.
"We will be one of the first two or three leading
chains to have reached 100 stores with organic
growth alone," he added.
Tesco follows other international retailers which
are rapidly expanding in Turkey where the economy is
seen growing 5 percent this year, whereas forecast
growth for the euro zone is less than 2 percent.
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