Is Tesco leaving Hungary?

The stock market experts of London have been thinking a lot about the future of Tesco, and their prediction is: the supermarket will exit East-Central Europe.

Stock analysts from London believe that Tesco will eventually leave our region. There has been a lot of gossip about the Schwarz Group –including Lidl and Kaufland – taking over Tesco’s spots, reported Napi.

It was previously announced that Tesco is leaving Poland, and now Ken Murphy, the newly appointed CEO of Tesco, will review the remaining subsidiaries in the Czech Republic, Hungary, and Slovakia and evaluate whether they will exit the region or continue to operate.

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A possible buyer could be the Schwarz Group, and even though their PR office denied the gossip, there are things that point to the prediction of the British analysts being right, such as the fact that Dave Lewis – former CEO – denied Tesco leaving Poland several times before eventually having to sell to Salling Group due to Tesco financially doing very poorly there.

Salling Group paid 900 million zlotys (approx. €200 million) for the Polish subsidiary, which included the company’s headquarters there, 301 stores, and a distribution centre.

Dave Lewis has previously spoken about Tesco having to focus on how the supermarket’s stores do in the Czech Republic, Hungary, and Slovakia, and that the selling of the Polish market should help this.

Source: napi.hu