Tesco has opened a retail academy in South Korea to train its 100,000 staff in Asia – a sign of the increasing importance of the region to the retail giant.

Tesco has invested £300m in the shopkeeping school and is the first FTSE 100 company to launch such an academy in Asia, the Financial Times reported.

The college will cater for 24,000 students a year and includes a company museum to help foster a shared culture across the Tesco empire, and its location was decided as a result of feng shui analysis.

Tesco Korea chief executive Lee Seung-han said: “it is an ideal location with mountains at the back and water in front, in the shape of a golden hen sitting on eggs.

“This symbolises ‘making a fortune’ which means a great business.”

Tesco group chief executive Phil Clarke said: “We have plans to expand across Asia in the years to come. We need to develop our local talent.”