Tesco Expands Fresh & Easy in Calif.
LOS ANGELES -- UK-based retail group Tesco is expanding its Fresh & Easy convenience store chain in the U.S. after opening its first two outlets in northern California, Fruitnet.com reported.
By April, the company plans to open 10 Fresh & Easy Neighborhood Markets in the region, followed by the unveiling of new stores in San Jose and Danville, a suburb of San Francisco, this week, the report stated.
The planned expansion comes as Tesco attempts to turn around a recent poor financial performance at Fresh & Easy, which sustained a $269 million loss during 2010, and last October, the company closed 13 stores mainly in the states of Arizona and Nevada, which have been hit hard by the recent property crash and ensuing recession, according to the report.
Sir Terry Leahy, the former Tesco group chief executive succeeded by Philip Clarke this week, previously stated he expected Fresh & Easy to break even by 2012/13.