Tesco Shanghai's 24th store Baodi Plaza store officially opened On March 5, 2013, Tesco Baodi Plaza store located on Tangshan Road, Yangpu District officially opened, becoming Tesco's 24th store in Shanghai.
On August 7, 2013, Tesco opened a new store in its Shanghai headquarters at Shanghai Yuexing Global Port, the junction of Jing'an, Changning and Putuo districts in the central city. The Ningxia store opened this time is Tesco's 25th store in Shanghai.
store.
Tesco's merger with China Resources ended 10 years of independent operations. On August 9, 2013, due to declining sales, Tesco, the UK's largest retailer, announced that its 131 stores would merge with China Resources Vanguard, the second largest super supermarket chain in China.
Independent operation in China for nearly ten years.
China Resources stated that the two parties signed a memorandum of understanding on August 8, 2013.
Tesco plans to establish a joint venture with China Resources Enterprise Ltd. to operate supermarkets, convenience stores and other business formats in China (including Hong Kong and Macau).
Tesco will hold a 20% stake in the joint venture, with the remaining 80% owned by China Resources Holding Co.
This move means that Tesco still retains a place in China.
Tesco and China Film have entered the 100,000-yuan commercial complex in Wuhu Xincheng Commercial Street. The Tesco Shanghai Zhenning store has been closed for 10 years and cannot afford the high rent. The Tesco Shanghai Zhenning store has closed and the annual rent has increased from 520,000 yuan to 1.74 million yuan. China Resources Enterprise acquires TESCO China Project China Resources
Vanguard Co., Ltd. announced that the joint venture agreement signed between its parent company China Resources Enterprise Co., Ltd. and TESCO has been approved by relevant Chinese government agencies. The two parties will form a diversified retail joint venture, and TESCO will inject its Chinese business and cash into the joint venture.
China Resources Enterprise invested HK$22 billion and holds 80% of the joint venture's shares, while TESCO holds 20%.
The joint venture operates retail businesses such as hypermarkets, supermarkets, convenience stores, cash and carry operations and liquor stores in Greater China (Mainland China, Hong Kong and Macau).
Tesco's share price plummeted after exaggerating its profit forecast. On September 22, 2014, Tesco, the largest supermarket chain in the UK, was exposed to have overstated its profit forecast for the first half of the year by about 250 million pounds (approximately 2.5 billion yuan).
During the period, its share price fell by 10%.
The company also said it had asked accounting firm Deloitte to conduct a thorough review of its accounts, and that some senior executives had been suspended for investigation, reportedly including British managing director Chris Bush.
Tesco appoints two new non-executive directors October 6, 2014 British supermarket chain giant Tesco appointed two new non-executive directors on Monday, at a time when British regulators are conducting a comprehensive investigation into its exaggerated profit forecasts.
The two newly appointed directors are Richard Cousins ??and Mikael Ohlsson.
The former is the CEO of the British catering services company Kimbas Group, while the latter was previously the CEO and president of IKEA.
According to the announcement, two new directors will join on November 1 this year.