TESCO unveils Malaysian plans

Tesco has said that it will invest close to MYR650 million (USD182 million) and hire some 3,200 people in the current financial year ending February 2008 to expand its business. The investments are for new store openings, remodelling of stores, price cuts and promotion for products of small- and medium-sized enterprises. Four new Tesco hypermarkets and eight Tesco Extras are scheduled to open over the year, which will bring the total number of Tesco stores in the country to 23. Tesco chief executive officer Chris Bush said that new hypermarkets will be opened in Bandar Seri Alam in Johor, Kota Baru, Alor Star and Taiping. Tesco announced last year that it would take over Makro Cash & Carry stores in Malaysia from Dutch firm SHV Holdings. It will reportedly invest MYR240 million (USD67 million) to remodel stores under a new format called Tesco Extra, which will cater for retail consumers and small businesses.