Tesco plans to open 750 new convenience stores in Thailand. Credit: David Rankin.

UK supermarket chain Tesco has announced plans to open 750 new convenience stores in Thailand at the group’s Capital Markets Day presentation.

The potential stores could be opened over “medium term” as part of its efforts to grow business in Asia and focus on “untapped value opportunities”. It currently operates 1,583 convenience stores in the country.

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Tesco also said that it is planning to improve its profit margin further than that of an existing multi-year recovery plan as part of a turnaround programme under its CEO Dave Lewis.

The company initially aims to concentrate on business reinvestment, uphold its debt ratios and dividend growth, reported Reuters.

“We have the further cost reduction and mix opportunities that allow us to offset inflation, improve our customer offer and/or increase margin.”

Following this, the retailer may explore options, such as acquisitions and return excess cash to shareholders.

In a presentation to analysts and investors at its Capital Markets Day (CMD), Lewis was quoted by Reuters as saying: “We have the further cost reduction and mix opportunities that allow us to offset inflation, improve our customer offer and/or increase margin.”

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With an aim to achieve efficiency savings and revenue growth, the retailer is planning to implement various initiatives such as optimising space, lower costs and increase profitable categories, such as F&F clothing in its larger stores.

The company will also focus on enhancing its smaller stores and will open a new store concept under the Tesco finest banner.

The retailer aims to achieve £2.5bn of incremental revenue growth from Booker by 2022, by adding new products and services.

The British retail major aims to raise its online business’ distribution capacity by 35%.

It also plans to establish partnerships with urban fulfilment centre firm Takeoff Technologies and delivery robot company Starship Technologies, reported the news agency.

In January this year, Tesco announced plans to cut around 15,000 jobs as part of a cost-cutting strategy following a review of the business.