Tesco Plc will slash its China exposure by taking just 20 percent of a venture with a state-run company, a deal that underlines the travails foreign retailers have had in the Chinese market and allows it to concentrate on turning around its domestic business.Lured by the prospect of a rapidly growing middle class in the world's second-biggest economy, many foreign firms have waded into China's retail market only to find they lack local expertise, particularly in building strong relationships with suppliers.Germany's Metro AG said in January it was pulling out of the consumer electronics business in China while Home Depot Inc said last year that it would close all seven of its big-box home improvement stores. Wal-Mart Stores Inc has also found it challenging to maintain growth in China, losing ground to Sun Art Retail Group Ltd."Tesco has been struggling in China and has been losing money. Similar to Carrefour, they had issues in their home market which they had to resolve," said one Hong Kong-based M&A banker.
The Home Depot, Inc. (The Home Depot) is a home improvement retailer. Shares of HD traded higher by 1.53% or $1.21/share to $80.04. In the past year, the shares have traded as low as $52.49 and as high as $81.56. On average, 7202190 shares of HD exchange hands on a given day and today's volume is recorded at 4468287.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats around globally. Shares of WMT fell by 0.16% or $-0.12/share to $77.25. In the past year, the shares have traded as low as $67.37 and as high as $79.96. On average, 6805570 shares of WMT exchange hands on a given day and today's volume is recorded at 4474679.
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