Tesco to sell business in Japan

UK-based retailer Tesco has announced it will sell its Japan operations after deciding it «cannot build a sufficiently scalable business» in the country. Philip Clarke, Tesco CEO, said: «We have decided to sell our operations [in Japan] and focus on our larger businesses in the region, in line with our priority of driving growth and improving returns. I want to thank our colleagues in Japan for their continued dedication to the business.» He added: «With good stores in good locations across Greater Tokyo, we will be undertaking a formal sale process over the coming months and the business will continue to trade as usual in the meantime.» Japan is the smallest of Tesco’s international operations with 129 stores in the Greater Tokyo area under the Tsurakame, Tesco and Tesco Express banners.