Tesco is to open a further five hypermarkets in Malaysia this year, bringing the total number of stores across the country to 38.
Speaking at a store opening in Phuket, Thailand on Friday (5 March), Tesco Malaysia CEO Chris Bush said that investing in the five new stores in Malaysia would add to more than MYR3bn (US$897m) already spent in the country, according to The Star.
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A spokesperson for Tesco told just-food today that the Malaysian stores were already “in the pipeline”.
“The planning process is quite a long process and so you get stores in development stages that you are likely to open in the coming period. What Chris was saying is that these stores are in the pipeline at the moment for 2010 and … hopefully we will have these five stores open this year.”
He added: “Nothing happens so quickly in terms of retail development in Malaysia that you can have stores announced and then open within the year. This is a continuation of the development process in Malaysia, so Chris is anticipating five in the pipeline.”
Asked what the investment will be for the new stores, the spokesperson said that the “average cost” of developing and building a Malaysian stores is estimated at around MYR100m.
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