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Tesco expands Polish operation
Tesco has bought the Polish convenience retailer Leader Price from the French group Casino in a deal worth £72m.
Leader Price operates more than 220 stores across Poland employing nearly 2,200 people. The UK retailer, which has been in Poland for over 10 years, already operates 107 stores in Poland with 20,000 staff.
Tesco said the deal would help it grow its business "in the highly fragmented and competitive Polish market".
"After ten years of trading in Poland, Tesco has built up a strong local business," said Kevin Grace, chief executive of Tesco Poland.
Tesco, the UK's largest supermarket chain, has been expanding rapidly abroad as it seeks new opportunities away from the congested domestic market and as the Polish retail market is notoriously competitive, analysts and industry players expect it to consolidate further.
According to AC Nielsen research, the top three groups in Poland -Tesco, Real and Portugal's Jeronimo Martins- control only around 13% of the market, compared with a west European market norm of around 50%.
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