Tesco will be the fastest growing major supermarket in the world in the next three years as it pushes ahead in the key battleground of China, according to a leading European research firm.
Tesco's aggressive plans to nearly double its number of Chinese hypermarkets to 196 stores by 2015 will help it to grow 6.8 percent a year between 2011 and 2015, versus 5 percent at Metro, 4.85 percent at Wal-Mart and 4.21 percent at Carrefour, grocery market specialist IGD said.
While UK-based Tesco has endured a troubled year in its home market and its Fresh'n'Easy brand has struggled to make ground in the US, emerging markets including Turkey, China and India have boosted growth.
China alone may account for 17 percent of Tesco's international growth to 2015, IGD said.
"Although the British retailer has a smaller presence in China than Carrefour and Walmart, Tesco is growing rapidly. However, it faces tough competition from local retailers, such as China Resources Enterprise," Cecile Riverain, international research manager at IGD, told Shanghai Daily.