Tesco's global net sales could soar to nearly £90bn by 2014, a new report has claimed.
International expansion in markets such as India and China is likely to drive the bulk of the increase, according to Planet Retail’s latest Global Retail Rankings.
The UK’s largest retailer last year racked up revenues of £52bn, with annual profits of £3bn.
“Despite a lack of new-store growth opportunities in its domestic market, the UK contributes to more than 70% of Tesco’s profits and will therefore remain essential in terms of funding expansion overseas,” says Planet Retail research director Natalie Berg.
“While international development is to be accelerated under new leadership, the UK is poised for continued growth through both product and format diversification.”
Tesco is currently the world’s fourth largest grocery retailer, behind Asda’s US parent Walmart, French giant Carrefour and Germany’s Metro Group.
The supermarket recently announced that Philip Clarke is to succeed Sir Terry Leahy as chief executive next year.
Vote of confidence for Clarke as Buffett tucks in to Tesco (25 June 2010)
Tesco takes over US supplier duo (22 June 2010)
Tesco is again favourite with shoppers, but it’s a close call (analysis; 19 June 2010)
Clarke to take Tesco reins as Sir Terry sets departure date (8 June 2010)