Tesco, Gome enter strategic cooperation

BEIJING - Tesco PLC, the world's third-largest grocery chain by sales, on Monday signed a strategic cooperative agreement with Gome Electrical Appliances Holdings Ltd.

The move signals a further step in the UK retailer's development of shopping malls and underlines its ambition in the Chinese market.

"We have great confidence in China and will invest 53 billion yuan ($8.2 billion) here, and 23 billion yuan will be from our own funds," said Philip Clark, chief executive officer of Tesco.