The Glasgow Evening Times reports that following on a series of price cuts on staples such as butter, milk and eggs, Tesco is additional UK-wide price cuts on more than 30 items that include "bacon, baked beans, broccoli, peppers, sugar, lettuce, cucumber portions and lines from its bread ranges."
And, embattled CEO Philip Clarke says, there will be more price reductions in coming months as the company looks to dig itself out of a revenue and profit hole that reflects a series of recent declines that has led to diminished market share.
And, embattled CEO Philip Clarke says, there will be more price reductions in coming months as the company looks to dig itself out of a revenue and profit hole that reflects a series of recent declines that has led to diminished market share.
- KC's View:
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I do love the quote in the story from Tesco UK marketing director David Wood, who says, : "I'm absolutely delighted we can do this for our customers. We never stop thinking about how to make their lives better and easier, and these new lower prices on everyday products will really help families on a budget."
Which sort of translates into "We're going to do everything we can to keep this ship afloat and save our jobs."
What Tesco has to worry about, it seems to me, is whether price cuts are enough. Because if UK residents have become reflexively anti-Tesco - or, worse, reflexively pro anyone else - simply cutting the prices on bacon and broccoli may not do it.
Beyond that, I keep hearing more comments from readers about the so-called "culture of fear" at Tesco, and how Clarke's leadership is being questioned not just by the investor class, but at many levels from within the organization.
