Tesco reveals £40m Japan exit plan

Tesco is to spend £40m (€49.7m) to exit its Japanese business after admitting defeat in its nine-year push to become a major player in the country.

The supermarket giant last year said it would sell its smallest international operation, which has 117 Tsurakame and Tesco stores in the greater Tokyo area, because the business was not “sufficiently scalable”.