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Tesco CEO outlines new vision

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

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

Source : Rosie Baker - Marketing Week
www.marketingweek.co.uk/sectors/retail/tesco-ceo-outlines-“new-vision”/3026305.article

11 May 2011
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