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Tesco ends talks over Turkish business

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The world’s third largest retailer Tesco, in terms of sales, has ended talks with potential partners over its Turkish business.

Tesco entered the Turkish market in 2003 and has since expanded to more than 190 stores in 20 Turkish cities.

The retailer has endured poor trading from its 191 stores and confirmed that it will pair back its pace of growth in the country but would not leave.

Former chief financial officer Laurie Mcllwee, who will leave in October, said Tesco has faced particularly intense competition in Turkey and has been hit with cost-price inflation and other “one-off and historic issues.”

Published on Tuesday 27 May by Editorial Assistant
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