UK: Tesco CEO Clarke sets out "new vision"
Tesco CEO Philip Clarke has set out his "new vision" for the UK's largest retailer, with its F&F clothing brand to play a central role.
In a video posted on Tesco's corporate website, Clarke, who became CEO in March when he took over from the retiring Sir Terry Leahy, outlined a seven-part strategy for the retailer.
Clarke said the new strategy had been drawn up to "reflect changing consumer trends and the increasingly global nature of Tesco".
Tesco, Clarke said, would grow its "core" UK business, which, when the retailer published its annual results last month, the new chief executive said could improve. "It's our largest business and it needs to be looked after. It needs to be nutured," he said yesterday (10 May).
Other parts of Tesco's new seven-part strategy included an aim of being what Clarke called "an outstanding international retailer both in stores and online". He hinted that Tesco would look to roll out its online retail offer to all its international markets.
Tesco would also be a "creator of highly-valued brands", Clarke said. He pointed to the retailer's banners - its namesake chain, Homeplus in Tesco and Kipa in Turkey - as well as clothing brand F&F and electronics brand Technika.
Clarke said: "I want each of our fascia brands - Tesco, Kipa, Homeplus - to be a valued brand. I also think we can create some other ones - F&F, the clothing brand; Technika, the TV brand - and these will give customers another reason to come and shop with us. Another reason to be loyal to us."
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