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British Tesco To Battle Wal-Mart

Posted by: David Gest
Thanks to: Daryl Kinton
6 March 2006 - 8:00am

Tesco, the world's fifth-largest retailer, is coming to California -- and with its 546 Tesco Express stores in the UK taking up as much land as just six Wal-Mart supercenters, it could bring a new model of retail land use with it.

"Why does a British firm whose name sounds more like an oil refiner than a purveyor of tasty snacks and beverages think it can succeed where veteran U.S. firms have failed?"

"On Feb. 9, Tesco, the world's fifth-largest retailer, announced it would enter the United States by investing hundreds of millions of dollars to expand significantly in California—a state Wal-Mart has long planned to dominate."

"Like Wal-Mart, Tesco is the largest private-sector employer in its home country, with 250,000 employees. Tesco, a multinational that went public long before Wal-Mart got started, is highly profitable. But it hasn't had any business in the most lucrative market in the world—until now."

"The 546 Express stores in the United Kingdom collectively occupy 1.1 million square feet—or about as much space as just six Wal-Mart supercenters."

Full Story: First, the Beatles. Now, Tesco.
Source: Slate, March 1, 2006
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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