This is officially the end for Tesco Stores in Malaysia – they are henceforth known as Lotus’s Stores!
Tesco Stores In Malaysia Are Now Lotus’s Stores!
On 15 February 2021, Tesco Malaysia announced that their stores will henceforth be known as Lotus’s Stores.
This is the end of an era – Tesco Malaysia is no more after just under 19 years in operation, with 49 stores.
The first Tesco Malaysia store opened in Puchong, Selangor in May 2002. And in 2007, Tesco even bought over Makro, which was rebranded as Tesco Extra.
Even though their store fronts have not been updated, their receipts were changed today to state :
The rebranding exercise is expected to be completed by the end of 2021.
Tesco Malaysia / Lotus’s Malaysia : Official Statement
Tesco Malaysia also updated their description, noting the change in name and management :
Tesco Stores In Malaysia + Thailand : Sold To CPRD In 2020
On 9 March 2020, Tesco PLC agreed to sell Tesco Stores in Malaysia and Thailand to C.P. Retail Development Company Limited (CPRD) of Thailand for US$10.6 billion, including debt.
This was finalised on 9 December 2020, after formal approval by the OTCC in Thailand and the earlier approval by the Malaysia Ministry of Domestic Trade and Consumer Affairs on 10 November 2020.
At that time, Tesco Group CEO, Ken Murphy said,
“I would like to thank all our colleagues in Asia for their hard work and dedication to our customers over many years. They have built a very strong business. I’m confident that the agreement with CP Group will ensure that they are well setup for continued success. This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders.”
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