British retail giant Tesco is planning to spend US$20m on opening new stores across Malaysia and refurbishing many of its existing 45 outlets, reports www.insideretail.asia.
The firm also plans to open new shops in Sabah and Sarawak, Tesco Malaysia CEO SungHwan Do told the publication.
"Prices of some goods there are often higher than those in Pensinsular Malaysia and we hope to narrow the price gap," he is quoted as saying.
Tesco Malaysia was founded in 2001 as a 70:30 alliance between Tesco UK and local conglomerate Sime Darby Berhad, according to the report.
In a separate development, Japanese retailer Aeon is to rebrand all its Jusco Malaysian stores.
In a statement, Aeon said its stores will undergo a facelift consistent with the new Aeon corporate identity while still retaining the familiar Jusco feel.
All Jusco stores will be renamed Aeon.