May 11, 2009 (China Knowledge) - British-based retail chain Tesco Corp said on Thursday that this year it will establish headquarters in Shanghai, the largest city in China, sources reported.
The company will open 20 stores in China in 2009 and will establish four shopping malls complete with grocery and department stores in the next two years. One of the four malls will be launched in Shanghai before the 2010 World Expo.
Tesco's international headquarters said it will invest RMB 5 billion in its Chinese business in order to expand in this growing emerging market.
According to China Knowledge's earlier report, Tesco has 58 hypermarkets and five pilot convenience stores in China as of March 2009.