17 Jan 2012
(MENAFN) UK-based retailer Tesco signed a deal with Fawaz Abdulaziz Al Hokair & Co to open 19 of its fashion stores in Saudi Arabia, Arabian Business reported.
Under the deal, Tesco will launch its F&F stores in the kingdom. Tesco aims to extend overseas profits amid a decline in its home market.
Saudi Arabia said in 2011 it expected retail spending to top USD68 billion by year-end, making it more than twice the size of the UAE market.
Tesco, like its peer retailers in UK, was hit UK’s economic downturn, giving one of its worst Christmas performances in years.
Tesco operates in 13 international markets, including Thailand and China. The group also operates the clothing arm of its operations in the Czech Republic, Hungary and Slovakia.
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