British Tesco To Battle Wal-Mart
"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 Californiaâ€"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 worldâ€"until now."
"The 546 Express stores in the United Kingdom collectively occupy 1.1 million square feetâ€"or about as much space as just six Wal-Mart supercenters."
Thanks to Daryl Kinton