Philip Clarke: Retail’s got an image problem but Tesco will win
Tesco boss Philip Clarke has been talking this morning at Retail Week Live about retail’s "image problem".
The chief executive of the UK’s largest supermarket said it has to accept that bigger is no longer seen as better by the customer, and that means it has to embrace change, dealing with pain in the short term, but with enormous opportunity offered.
"In this job, I'm going to make sure Tesco is absolutely ready to win."
Tesco’s market share has dropped to its lowest level in nearly ten years, with discounters taking more ground from mid-range stores.
Earlier this month, the supermarket unveiled a plan to win back customers by slashing prices. But its market share is down to 28.7 per cent this year, from 29.6 per cent a year ago.
Clarke, however, is not measuring Tesco on market share. Rather, he explained, he's interested in the “underlying success of the business”.
The digital revolution’s a great opportunity for Tesco to personalise what it does, said Clarke. He added, “you can’t lead in bricks and clicks if you don’t lead in bricks and mortar”.
Meanwhile, the CEO expressed his upset at the current state of the Co-op Group. He said it’s “terribly sad to see an institution in the way it’s in”.