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 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
Read the full story: First, the Beatles. Now, Tesco.
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