Tesco is planning to open at least six more hypermarkets in South Korea, the company’s second most profitable market after the UK.
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Tesco, which is partnered with Samsung in South Korea, is the largest foreign grocery retailer in the country with sales in the year to February 2008 of GBP2.7bn (US$3.9bn).
The company is planning further expansion in the market through store openings in 2009, a source close to the company informed just-food.
According to the source, the first of these new hypermarkets will open in a Seoul suburb early this year. It and five others, planned for other cities around the country, will trade under the HomePlus banner and will be sell a combination of food and non-food products.
However, there are some concerns over the venture’s level of debt following its GBP976m buy-up of 36 domestic hypermarkets from E-Land in May last year, the source added.
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