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Retail giant finds market in Qingdao

By Ji Yuan (chinadaily.com.cn)
Updated: 2009-10-22 09:23

World retail tycoon Tesco are building two new shopping centers in Qingdao with an investment of $150 million.

According to the Qingdao Investment Invitation Bureau, the shopping center located in Sifang District is the largest one Tesco has bankrolled in the world, with a total investment of 78 million dollars and registered capital of $45 million. The shopping center will be put into service by the end of this year.

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The other shopping center, located at Shibei District, was registered in the first half of the year with an investment of $75 million.

Tesco also has plans to set up shop in other districts of Qingdao, including Chengyang, Laoshan and Huangdao districts.

Tesco is a UK-based international retail chain, one of the three largest global retailers, along with Wal-Mart and France's Carrefour. Tesco entered the Chinese market in 2004.

The three companies now all have several shopping centers and supermarkets in Qingdao.