LONDON (Reuters) - Tesco, the world’s third-biggest retailer, is set to outpace sales growth at major global rivals, driven by its expansion in Asia, according to international food and grocery analyst IGD.
The supermarket group will see sales grow at a compound annual rate of 7.5 percent from 2010-15, or 44 percent in total, to reach 106 billion euros (89 billion pounds), IGD forecast on Thursday.
That will see it outpace compound annual turnover growth of 4.7 percent at U.S. group Wal-Mart, the world’s biggest retailer, and 5.9 percent at French company Carrefour, the second biggest.
However, those companies will remain larger businesses with sales of 402 billion euros and 122 billion respectively by 2015, IGD predicted.
German group Metro, the world’s fourth-largest retailer, will see compound annual growth of 5.3 percent, taking its turnover to 87 billion euros by 2015, IGD said.
“Global retailers that want to achieve the highest growth rates are those that are building a presence in emerging markets,” said IGD’s chief executive, Joanne Denney-Finch, noting that by 2015 some 43 percent of turnover at the world’s top four retailers will come from their international operations.
Tesco unveiled plans in November to quadruple revenue in China to about 4 billion pounds ($6.4 billion) by 2014-15 by more than doubling its number of hypermarkets there to in excess of 200.
Reporting by Mark Potter; Editing by Greg Mahlich