Tesco has pushed into the Japanese market by acquiring convenience store retailer C Two-Network for£139 million.
The 78-strong chain will trade under its own fascia, and local management teams will remain in place, but will benefit from Tesco’s buying power.
Tesco chief executive Sir Terry Leahy said: ‘C Two-Network provides Tesco with an excellent opportunity to enter a large and unconsolidated market where we have potential to grow.’
The Japanese c-store sector is worth US$54 billion (£32.62 billion), according to M+M Planet Retail. M+M analyst Rob Gregory said: ‘It’s a brave move for Tesco, because the c-store sector in Japan is so competitive.
But it makes sense because it’s one of the fastest growing sectors in a poor retail market.’
Japan’s c-store leader is 7-Eleven, with more than 9,600 stores and sales of£11 billion.
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