Planet Retail 28 Jan 2008

At the end of last week, Tesco announced plans to invest about GBP750 million (USD1.5 billion) tripling the size of its business in Turkey to more than 150 stores over the next five years. The retailer said it wanted to significantly increase its number of hypermarkets in Turkey and to break into Istanbul.. The expansion of the Tesco Kipa chain is expected to boost its revenues to USD5 billion once the new stores are operational, spokesman Gurcan Onol told a news conference. A spokesman said: "Turkey is a fast-growing and exciting market and we are delighted with how the business is performing. Entering Istanbul - the biggest city in the country - will bring Kipa quality and value to many more Turkish customers."

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