Secondly, Stores & Formats - Over £200m was used to refurbish their existing store ambience with the implementation of their Store Refresh program; presenting warmer and friendlier environment. Tesco also highlights that future investments will focus on Express stores and online offers.
Thirdly, Price & Value - With the investment of more than £500m to reduce prices of 3,000 products, Tesco plans to stay competitive through better pricing and promotions with better personalized offers, couponing and loyalty.
Fourthly, Range & Quality - The plan includes refurbishing 8,000 Tesco brand products and re-launched of Tesco Value as Everyday Value. This idea helps consumers manage on tight budgets. Tesco UK had welcome exclusive products and apply more personalisation and localisation in stores to tailor their ranges for their local area.
Fifthly, Brand & Marketing - Tesco plans to convey the right message to consumers with better and clearer communication.
Lastly, Clicks & Bricks - Tesco UK intends to offer more ‘Click & Collect’ channel to provide the opportunity for consumers to pick up products wherever it suits them from 770 stores. Tesco will also invest £150m to grow their online businesses by improving their websites, promotions and increase the number of products available online.
Comparison with academic literature, Tesco has five similarities.
Firstly, retrenchment - Instead of retrenching staff and building bigger Tesco store, they plan...
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22. Tejvan Pettinger (May 16, 2013) The great recession 2008-13, Available at: http://bit.ly/1df0rvh (Accessed: 5th March 2014).
23. Wikipedia (26 February 2014 at 05:43) Poundland, Available at: http://bit.ly/O8OWyH (Accessed: 5th March 2014
24. Economic Voice Staff (December 11th, 2013) End Of Year Round-Up: UK Needs To Close Gap Between SME Potential And Reality, Available at: http://bit.ly/1dbaWQa (Accessed: 5th March 2014).
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