Tesco share price: Retailer introduces concessions at two international stores

Tesco (LON:TSCO) has introduced concessions to its international stores for the first time, Retail Week has reported. According to the trade magazine, sportswear retailer Sports Direct and fashion brand Peacocks had both opened 10,000 sq ft shops within Tesco’s Székesfehérvár and Váci út stores in Hungary this month.

The introduction of third-party retailers to Tesco’s chain abroad follows a similar move adopted in the UK, as the embattled retailer attempted to deal with excess floor space last year. The move also mirrors the strategy of many fellow British grocers. In the past year, Asda has introduced sporting goods group Decathlon into select stores, while Sainsbury’s (LON:SBRY) has brought catalogue retailer Argos and photographic specialist Jessops into its retail space.
A spokesman for Tesco said, as quoted by Retail Week today: “As a result of partnerships with Sports Direct and Peacocks we have created shops-within-shops in two Tesco Hungary stores.” He added that the move offered a “wider choice for customers and an ability to combine a shop at Tesco with shopping at other retailers”.
Although it provides its own fashion offer through the F&F range, Tesco said the introduction of Peacocks within its Hungary stores “complements” the retailer’s existing range. It is understood that Peacocks and Tesco are also in talks to launch the fashion offer in the grocer’s UK stores. However, Tesco denied the speculation, while a Peacocks representative declined to comment on the matter.
After a brief decline in the morning, Tesco’s shares have been trading in positive territory today. As of 15:21 BST, the stock was changing hands at 217.40p – 0.37 percent up on the day.
As of 15:50 BST, Wednesday, 15 July, Tesco PLC share price is 217.22p.

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