Tesco is set to grow at a faster pace than French retailer Carrefour, surpassing its turnover by 2012, according to IGD's latest report, Global Retailing: Preparing for Change. This would make Tesco second only to Wal-Mart.
IGD predicted that international expansion in markets such as China, US and India would contribute to Tesco's annual turnover reaching £107.5bn by 2012. Carrefour is also expected to achieve strong growth in Brazil and China, enabling it to offset a slowdown in more mature Western markets.
Report author Jonathan Gunz said emerging markets such as China and India would continue to grow. Other emerging markets included Indonesia, Ukraine and Vietnam.