Tesco’s Clarke Says China Will Be Profitable Under His Tenure
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Tesco Plc Chief Executive Officer- designate Philip Clarke said China will become profitable for the retailer during his tenure as the company invests 2 billion pounds ($3.1 billion) into developing shopping malls.
“My view now is China is one of the most important markets for us,” said Clarke, 50, who plans to spend about 85 working days a year abroad when he takes over from Terry Leahy in March. “The growth opportunities in the U.K. are still there, but in Asia you can carry on building a very significant number of stores for a very long time.”