Tesco Superstore Advances to Korea
The British-based company Tesco is coming to Korea under partnership with Samsung Corporation's department store division.A source from Samsung said on March 11, 'It will be pouring a couple hundred million dollars into a number of Samsung's department stores in Seoul. Samsung will lease the buildings to Tesco under a mutual partnership arrangement.'
Tesco suggested that it will retain all of Samsung's employees including directors and managers.
Reportedly, Tesco, will maintain the department stores but convert the small supermarkets into massive superstores.
Tesco was born in 1919 as a chain of grocery stores, in 1997 it posted 30 billion dollars in sales through its department stores, supermarkets, and other retail shops.
with the Korea JoongAng Daily
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