Tesco CEO outlines “new vision”

Tesco’s CEO Philip Clarke has outlined his 7-point “new vision” for the global supermarket chain.

Tesco's Florence and Fred clothing brand
Tesco’s Florence and Fred clothing brand

As part of his vision, recently appointed, Clarke outlines the need for Tesco to become a “creator of brands” to give customers more reason to be loyal to the supermarket chain.

He points to its fashion brand F&F and electronics brand Technika as examples of the kind of brands Tesco will build on.

Clarke states in a video presentation uploaded to the Tesco website, that his vision is not a change in direction but a “change in emphasis” for the retailer.

Clarke’s seven elements build on the previous five-point strategy that his predecessor Sir Terry Leahy followed for the previous decade and according to Clarke, will help build “a business for the new decade” and make Tesco “even more successful”.

It has been designed to address the chain needs of customers and the ever more global nature of the business but maintains Tesco’s core purpose to “create value for customers and earn their lifetime loyalty”.

Much of his vision builds on comments made at Tesco’s full year results presentation last month that the supermarket “can do better” and must improve its speed of innovation and communications.

Tesco has also named Sir Richard Broadbent as chairman. He will take over when David Reid steps down in November.

Clarke’s Vision is for Tesco to be:

  • Most highly valued by the customers we serve, the communities in which we operate, our loyal and committed staff and our shareholders
  • A growth company
  • A modern and innovative company
  • Winning locally, applying our skills globally

The 7-point strategy includes:

  • To grow the UK core
  • To be an outstanding international retailer in stores and online
  • To be as strong in everything we sell as we are in food
  • To grow retail services in all our markets
  • To put our responsibilities to the communities we serve at the heart of what we do
  • To be a creator of highly valued brands
  • To build our team so that we can create more value
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