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Tesco set for major re-brand

Tesco is set for a major overhaul of its brand and image, according to The Guardian. The supermarket said it is reviewing its brand communications and has put its multi-million pound advertising account up for grabs.

The news follows Tesco's poor results announcement at the start of the year - the supermarket suffered its worst Christmas in decades, with almost £5 billion wiped off the company's stock market value two weeks after Christmas. It was the retailer's first profit warning in 20 years - and was blamed on weak Christmas sales and the failure of its Big Price Drop campaign.

Tesco had announced plans to continue its Big Price Drop campaign into 2012 with another wave of price cuts across the UK before its results announcement. The supermarket claimed that a trolley shop containing a selection of 50 of basic item products would be reduced in price from £64 to £56 - a saving of £8. This represented an overall cost to Tesco of more than £500 million, according to Starcom MediaVest Group's Steve Smith.

At the time, Tesco's UK CEO Richard Brasher said: "As we look ahead to 2012 people across the country are saying they need more help with the cost of living... Big Price Drop is not a one-hit wonder. It is a rolling campaign to help customers save more money every day at Tesco on the essentials they need the most."

Smith suggests 'Seven things supermarkets need to do in 2012' to acclimatise to changing financial conditions, new consumer demands and emerging behaviour around technologies, but also maximise opportunities around the year's highlights, such as the Olympics, Diamond Jubilee and Euro 2012. He also thinks Tesco can learn from its Fresh & Easy experience in the US.

Source : Liz Jaques – Media Tel

12 April 2012
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