According to a recent report prepared by international food and grocery consultancy firm IGD, world’s third largest retailer TESCO’s growth will outpace its rivals due to the retailer’s rapid expansion plan in Asia.
According to IGD’s report published today, the retailer’s annual revenue will growth at 7.5 percent between 2010 and 2015 or 44 percent over current levels by 2015 to €106 billion (£89 billion).
The study projects the biggest retailer Walmart’s growth at 4.7 percent annually, while pegging number two french giant Carrefour’s growth rate at 5.9 percent.
The two companies will however, still maintain their leadership positions in 2015 with turnovers of €402 billion and €122 billions respectively, IGD said.
The fourth largest retailer, Germany’s Metro group will grow at 5.3 annually and total revenues will touch €87 billion by 2015, the report predicted.
IGD’s chief executive Joanne Denney-Finch, observed that international operations will contribute 43 percent of total sales for the world’s biggest four retailers saying, “Global retailers that want to achieve the highest growth rates are those that are building a presence in emerging markets”.
Outlining its growth plans for China, TESCO had announced in November that it will more than double its hypermarket store count in the country to 200 and quadruple its sales to £4 billion ($6.4 billion) by 2014-15.