Tesco have announced their intentions for the future claiming that it is working towards becoming
The best multichannel retailer for customers.
Tesco recently announced its first drop in their annual profits for near on 20 years, however this was coupled with over £3bn of online sales for the first time in their history with a growth of 13%. The global firm also announced that they would be coming out of the USA and leaving the Fresh and Easy operation, costing £1.2b in profits. They have also stopped any new new developments here in the UK.
Philip Clarke, chief executive, said: “The announcements made today are natural consequences of the strategic changes we first began over a year ago and which conclude today. With profound and rapid change in the way consumers live their lives, our objective is to be the best multichannel retailer for customers.
“Our plan to Build a Better Tesco is on track and I am pleased with the real progress in the UK. We have already made substantial improvements to our customers’ shopping experience, which are starting to be reflected in a better performance.”
He added: “Our focus now is on disciplined and targeted investment in those markets with significant growth potential and the opportunity to deliver strong returns.”
“Tesco Direct is a key part of our multichannel strategy going forward,” said the full-year statement, “but its path to profitability has progressed less quickly than anticipated. It is a clear priority for the year ahead – and the one which is receiving most of our focus in this area – to ensure that we have a profitable, scalable model before we look to accelerate growth.”