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Tesco overhauls future plans

Thursday, 19 April 2012

Tesco plans to invest £1bn in its UK business this year following a fall in sales and profits within its UK business.

Tesco overhauls future plans

 

The company is accelerating the revamp of UK stores and promises to invest in service and staff, stores and formats, price and value, range and quality, brand and marketing, and clicks and bricks. Tesco said it wants to have a ‘better, clearer, more relevant communication with customers’.

Stores will be given a refresh in an attempt to give them a warmer look and feel.

Tesco will invest in better prices and promotions with more personalised offers. The supermarket is also focusing on its range and quality by relaunching its own brands, which includes the rebranding of its Value range as Everyday Value. It will further roll out its click and collect service and intends to scale back plans for new superstores with new space growth to reduce by 38%.

Tesco has started taking on and training 8,000 extra staff for its existing stores. The jobs are part of 20,000 it expects to create over the next two years.

Chief executive, Philip Clarke said, ‘Tesco didn't put enough into the stores and maybe took a little out.

‘As we improve the shopping experience for our customers, it will follow that our sales growth and financial performance will improve too.’

He continued, ‘We have already taken important steps to renew and strengthen management in the UK and across the group in key areas, to support this programme of change.

‘Whilst our international business is delivering excellent growth, contributing £1.1bn of profit to the group, we fully recognise that we need to raise our game in the UK.

Overall, group pre-tax profits rose 5.3% to £3.8bn in the year to February. But profits at the UK operation fell 1% to £2.5bn compared with the year earlier. Tesco also said that UK sales fell by 1.2% in the second half of its financial year.

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