Friday, March 28, 2008

Tesco has designs on Russia, say real-estate advisers

Jeff Kershaw, senior director at the Moscow office of CB Richard Ellis Group, is one of three real-estate advisers who have revealed they have held talks with the supermarket giant.

Kershaw has said Tesco is looking for ways to enter the Russian market, which is believed to worth some $191bn.

If Tesco was to enter Russian retail it would face competition from X5 Retail Group NV (Russia's largest supermarket owner), and German group Metro, as well as French retailer Carrefour.

Russian Properties News