29 March 2007 — Barcelona (SPN): CEO of Tesco, Sir Terry Leahy, said that the retailer expects to have a good store format for the US consumer later this year.
According to Planet Retail, Leahy revealed the retailer’s progress on the sidelines of the World Retail Congress in Barcelona.
Asked if he was ready to take on the world’s biggest retailer, Wal-Mart, in its home market Leahy said: "I don’t think you ever set out to take on any specific competitor…you’re really looking at the consumers in the market. I think we can grow the market so I don’t think it’s a question of taking business from existing competitors."
Last year, Tesco said it would enter the US west coast market via a convenience-style store format. The store format in the US will look different to existing outlets in the country, Leahy said. "You just can’t go to the US and do the same thing that’s already done there."
Leahy also said Tesco is still researching the retail Indian markets, which it hopes will be liberalised before a possible move into the region.
"We are hopeful of liberalisation. We feel that it will be beneficial for the already impressive development of India but that’s a matter for the Indian government to decide," he told reporters.