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Tesco to sell its ‘non-scalable’ business in Japan
Tesco’s CEO has confirmed that operations in Japan will be sold, after concluding that a scalable business is not achievable.
“We have reviewed our portfolio in Asia and the performance of our business in Japan,” said Philip Clarke, Tesco CEO. “Having made considerable efforts in Japan, we have concluded that we cannot build a sufficiently scalable business.
“We have decided to sell our operations there and focus on our larger businesses in the region, in line with our priority of driving growth and improving returns. I want to thank our colleagues in Japan for their continued dedication to the business.
“With good stores in good locations across Greater Tokyo, we will be undertaking a formal sale process over the coming months and the business will continue to trade as usual in the meantime.”
Source: Tesco
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