Tesco revenues up in Czech Republic despite closures
Published at: 2017-05-16 12:08 | Author: CIJ Journal
Czech shoppers spent CZK 43bn in Tesco stores last year, up 1 percent y-o-y. The number of stores, on the other hand, dropped by 3 percent to 198. The sale of two shopping centers -- in Liberec and Prague-Letňany -- produced CZK 2.8bn in revenues before tax, according to the UK retailer’s annual report. Company spokesman Václav Koukolíček told the server idnes.cz that Tesco closes shops that produce long-term loss. In locations with leaseholds, the chain usually withdraws when the lease terminates. The volume of smaller Žabka stores dropped from 103 to 98. Only two of these stores are owned by Tesco, the rest operated under franchise agreements. Koukolíček says the chain is planning new openings for 2017. Tesco sold the Letňany shopping center in Prague to Union Institutional Investment for around €225m, according to JLL. Rockcastle, meanwhile, paid €80m for Forum Liberec.
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