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Tesco Will Sell Japanese Store Portfolio

TOKYO-CEO Philip Clarke claims the 129 stores here cannot be made profitable, and the firm will exit the country.

By Robert Carr | Updated on August 31, 2011

TOKYO-London-based retailer Tesco has decided to pull out of Japan, and will sell its 129 stores in the greater Tokyo area. The company has been having trouble competing with Japanese brands and other national stores, and consumer confidence has been down since the worldwide recession.

Philip Clarke, CEO of the company said in a statement that the firm will continue to operate the stores here while also starting a formal sale process over the coming months. “We have reviewed our portfolio in Asia and the performance of our business in Japan,” he said. “Having made considerable efforts in Japan, we have concluded that we cannot build a sufficiently scalable business.”

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