Tesco joins world's top 10

Tesco has moved up into the top 10 world retailers, as the UK's leading grocer becomes more of a global force. Analysts believe the retailer could break into the top five.

Research from M+M Planet Retail shows Tesco has moved up from 11th to 8th position in the world on sales in the past year.

Tesco has leapfrogged US retailers Safeway, Kmart and Albertsons, but comes out top with its percentage increase in sales and store numbers, which has been the best in the world. Tesco's sales are up 12 per cent to£28.6 billion this year, with store numbers up 135 per cent.

M+M Planet Retail analyst Corinne Millar said: 'Tesco's ascendance is a combination of performing strongly and the likes of Kmart faltering.

But Tesco has been very aggressive both with expansion in the UK and overseas.

'In future, there is going to be more fall-out, with the likes of Ahold going through a lot of change. There's a big gap between the top three and the rest, but Tesco could move up to fourth or fifth position,' she added.

Apart from Tesco, Costco is the other new entry in the Top 10, while Metro has risen from sixth position to fourth, overtaking Kroger.[QQ]