Tesco CEO Sir Terry Leahy is interviewed by the Telegraph, and he makes some interesting observations about a number of issues, including:
Recession: “We are past the low point. The banking system is stabilising. The real economy, therefore, and it's ability to finance itself is stabilising. Consumer confidence is picking up and things are getting gradually better and, I think, will continue to get better. [The recovery] will be slow and steady."
On entering new markets: “We always take our time to research and get the feel of the a place. That may explain why Tesco's has been successful. We allow enough time to adapt to the local culture because retailing still is very local."
Ten Years From Now: “We will be much more international. We will be in more countries. We will be a bigger business in services like telecommunications, digital industries and banking. Most of all we will do our business around our customers using Clubcard."
Recession: “We are past the low point. The banking system is stabilising. The real economy, therefore, and it's ability to finance itself is stabilising. Consumer confidence is picking up and things are getting gradually better and, I think, will continue to get better. [The recovery] will be slow and steady."
On entering new markets: “We always take our time to research and get the feel of the a place. That may explain why Tesco's has been successful. We allow enough time to adapt to the local culture because retailing still is very local."
Ten Years From Now: “We will be much more international. We will be in more countries. We will be a bigger business in services like telecommunications, digital industries and banking. Most of all we will do our business around our customers using Clubcard."
- KC's View:
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This is curious on a number of levels, not the least of which that Tesco’s reputation for exacting research has been battered a little bit by the fact that its Fresh & Easy stores on the US west coast, despite supposedly copious research, didn’t exactly hit a bulls eye out of the box.
The other thing that is striking is the reference to the Clubcard being pervasive in its international businesses. The Clubcard isn’t being used by Tesco in the US. Yet.
