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Tesco, China Resources in Talks Over Joint Supermarket Venture in China
Keywords:
Regional rivals in each of China's 31 provinces make it difficult for foreign retailers, such as Tesco, Carrefour, Metro AG, Home Depot, to scale up and increase market share. Metro AG says it will pull out of China after testing electronics stores for 2 years. After years of losses Home Depot shut down its 7 large stores in China in 2012. Profit margins can be as low as 2%, making it unprofitable without the scale needed. Tesco's market share in China declined to 2.4% of China megastore sales in 2012 from 2.9% in 2008, and Carrefour sales declined to 6.9% from 8.6% in the same period, according to Euromonitor. Tesco now plans to partner with China Resources Holdings to merge its stores with the larger domestic Chinese chain's 4100 stores under 10 retail brands, with Tesco holding 20% of the joint venture. The CR Vanguard brand of China Resources 3000 stores would be merged wih Tesco's 131 stores.
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Regional rivals in each province make it difficult for Tesco, Carrefour to scale up in the Chinese market- both retail chains are losing market share in China. Home Depot is also facing difficulties in home improvement stores. Metro AG of Germany is closing its large electronics stores after facing years of losses.
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Dun & Bradstreet, McDonald's, Yum Brands, Carrefour, Apple and VW, are some of the foreign companies that come up for review in the consumer rights broadcasts of CCTV. There is a new spirit behind the work of CCTV reporters now that poor service and consumer issues relating to quality of products and contamination in food have been made priorities under the new Jinping-Keqiang administration. China's new leadership is turning its attention to these issues negected in the period of fast growth. Foreign companies operating in China are now expected to maintain the same high standards followed in their home market or come up for review.
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