U.S. Tesco to Rival Its U.K. Operations in Size
LONDON -- Retailers in the areas where Tesco is expected to open should take note: Tesco will begin recruiting for store staff to work in its U.S. Fresh & Easy Neighborhood Markets within months, the Telegraph.co.uk reported.
This information, along with many more predictions on the company's U.S. venture, was revealed earlier this week when Tesco CEO Terry Leahy spoke with investors.
Other information included that the company plans to open a "significant" number of stores by the end of the year, and the U.S. division could be as large as the company's United Kingdom operations, the report stated.
"We have a strong team in place. We have made good progress in obtaining retail space. We have one of the most successful, if not the most successful, approaches to international retailing," Leahy said. "The offer is local. Designed by local teams for local customers."
Tesco invested £89 million ($177 million U.S.) launching the U.S. business last year and anticipated investing another £250 million (nearly $500 million U.S.) starting this year and going forward. "We expect to be able to open a significant number at launch across the LA, Phoenix, Las Vegas and San Diego markets," the company told investors.
In addition, Tesco saw similar trends as other retailers in organic and premium lines, the Web site reported. "The growth is remarkable. We are seeing a fundamental change in buying habits. This is not just about affluent customers," Leahy said.
This information, along with many more predictions on the company's U.S. venture, was revealed earlier this week when Tesco CEO Terry Leahy spoke with investors.
Other information included that the company plans to open a "significant" number of stores by the end of the year, and the U.S. division could be as large as the company's United Kingdom operations, the report stated.
"We have a strong team in place. We have made good progress in obtaining retail space. We have one of the most successful, if not the most successful, approaches to international retailing," Leahy said. "The offer is local. Designed by local teams for local customers."
Tesco invested £89 million ($177 million U.S.) launching the U.S. business last year and anticipated investing another £250 million (nearly $500 million U.S.) starting this year and going forward. "We expect to be able to open a significant number at launch across the LA, Phoenix, Las Vegas and San Diego markets," the company told investors.
In addition, Tesco saw similar trends as other retailers in organic and premium lines, the Web site reported. "The growth is remarkable. We are seeing a fundamental change in buying habits. This is not just about affluent customers," Leahy said.