Grocers quit weaker markets
Two of the world's leading retailers, Tesco and Carrefour, are swapping some of their overseas stores.

Carrefour will hand Tesco 11 stores in the Czech Republic and four in Slovakia. The outlets are valued at Eu189.4 million (£129.4 million). In return, Carrefour will receive six stores and two sites from Tesco in Taiwan, valued at Eu132 million (£90.2 million). The move will enable both parties to exit countries where they have a low market share.

Tesco has been struggling in the Taiwanese market and will leave to concentrate on strengthening its position in central Europe. Carrefour is quiting the Czech Republic, where it is only the seventh biggest retailer.

Tesco group finance and strategy director Andrew Higginson said: 'This is a positive strategic move for Tesco, which will allow us to focus on doing an even better job for customers in central Europe and our other Asian markets.'

Topics