Tesco sells Japan interests

31st Aug 2011 07:10

Tesco is to sell its Japanese interests having concluded that it "cannot build a sufficiently scalable business" there.The decision will mean the disposal of 129 small stores in the Greater Tokyo area which operate under the Tsurakame, Tesco and Tesco Express brands.Tesco entered Japan in 2003 with the acquisition of the C2 Network.Philip Clarke, Chief Executive Officer, said: "We have decided to sell our operations (in Japan) and focus on our larger businesses in the region, in line with our priority of driving growth and improving returns."The Cheshunt-based supermarket leviathan is still heavily invested in Asia, with stores in China, Korea, Malaysia and Thailand.BS