Tesco is expected to become the world’s fastest growing grocery retailer within the next three years, with its rate of expansion likely to eclipse that of rivals Walmart, Carrefour and Metro.
The UK-based retailer is forecast to increase its net turnover from an expected €75,538m this year to €98,292m by 2015, an anticipated rise of 6.8 per cent, according to new research from IGD.
While Walmart is likely to still be the world’s largest retailer by 2015 with an expected €386,721m in turnover, Tesco’s forecast growth is predicted to amount to three times the value of Carrefour’s sales of €133,984m over the same period.
Tesco’s growth, predicted IGD, is likely to be driven by its performance in emerging international markets, particularly China, Turkey and India, where it is expected to attempt to replicate many of the concepts that have proved so successful in the UK, such as Express stores and the Clubcard rewards scheme.
For its part, Walmart, which is forecast to increase its turnover by 4.85 per cent over the next three years, is expected to deliver over half its sales growth outside the US, with Latin America, Africa and China all viewed as growth markets.
Under new CEO, Georges Plassat, Carrefour is likely to focus on revitalising sales growth in its core French market, while also looking to new development potential in emerging markets such as China, Brazil and Indonesia.
According to IGD, fourth-placed Metro Group is likely to achieve 5 per cent turnover growth by continuing to focus on development through its successful cash-and-carry business, which has recently been expanded to Russia and Indonesia.