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Retail giant finds market in Qingdao

By Ji Yuan (chinadaily.com.cn)
Updated: 2009-10-22 09:23

World retail tycoon Tesco are building two new shopping centers in Qingdao with an investment of $150 million.

According to the Qingdao Investment Invitation Bureau, the shopping center located in Sifang District is the largest one Tesco has bankrolled in the world, with a total investment of 78 million dollars and registered capital of $45 million. The shopping center will be put into service by the end of this year.

Related readings:  Tesco harbors big plans for Chinese market  Price war, US woes weigh on Tesco  Tesco sales slow amid consumer gloom  Tesco profit beats estimates  Tesco plans South China expansion

The other shopping center, located at Shibei District, was registered in the first half of the year with an investment of $75 million.

Tesco also has plans to set up shop in other districts of Qingdao, including Chengyang, Laoshan and Huangdao districts.

Tesco is a UK-based international retail chain, one of the three largest global retailers, along with Wal-Mart and France's Carrefour. Tesco entered the Chinese market in 2004.

The three companies now all have several shopping centers and supermarkets in Qingdao.