Tesco has no plans to up prices despite power tariff hike

Tesco Stores (Malaysia) Sdn Bhd has no intention to increase prices despite the hike in electricity tariffs effective Jan 1, 2014.

Tesco Malaysia CEO Georg Fischer, said the hypermarket chain will keep prices low and there will be no issue on prices.

"The hypermarket will ensure that they're doing a better job in using electricity.

"Actually, we've a very good plan through better technology, better use of air-conditioning, better installation, so we don't need to charge higher prices.

"We don't want to change to higher prices," he told reporters on the sidelines of the Tesco Extra Hypermarket opening in Petaling Jaya Wednesday.

Fischer said the company was conducting a study on light emitting diode (LED), which has been installed at Tesco Puncak Alam, one of the two Tesco Hypermarkets that were opened this year.

Tesco Malaysia has a 11% market share for the hypermarket segment in Malaysia.

Fischer also said Tesco was looking forward to expand its business in Malaysia by opening three more outlets at Mutiara Rini in Johor Baharu, Jitra and in Jenjarom, Selangor.

The hypermarket chain is currently operating 49 stores.

In conjunction with the opening of its new store in Petaling Jaya Wednesday, Tesco announced the top three winners of "Tesco Loves Malaysia" photography contest that ran from Aug 31, 2013 to Sept 30, 2013 to mark the Merdeka Day celebrations.