business news in context, analysis with attitude

Look out, Wal-Mart. UK retailer Tesco has set as its goal the usurping of your crown.

Tesco CEO Sir Terry Leahy was reported by The Independent as saying, “We're number three in the world but we want to be number one.”

And the road to this achievement, Leahy reportedly said goes through China.

"Asia is the key growth area in the world and Tesco wants to increase its presence there," he said. "To be a significant world player you have to be present in places like China."

There have been reports – unconfirmed by Tesco – that the company is close to buying a 50 percent stake in a Chinese hypermarket chain.
KC's View:
Nothing like an old fashioned battle for world domination to keep us interested and fascinated.

And the fact that the battle will be between the folksy yet ruthlessly efficient Wal-Mart and the coolly British and yet ruthlessly efficient Tesco just adds to the entertainment value.

Sort of like Buford Pusser battling James Bond. (Let’s see how many of you get that semi-obscure seventies cultural reference…)