UK: Tesco chairman unconcerned at Wal-Mart competition
"We don't have to be running round looking for things to buy. One advantage with an organic-led strategy is that you can put stores absolutely slap bang where you want them," Reid commented.
He added that after the much-anticipated arrival of discount retail chain Wal-Mart into the UK market, following their 1999 acquisition of Asda, Tesco had proved more than capable of coping with the competition. "I don't think Wal-Mart has hit us at all. I think people are starting to get into perspective the effect of Wal-Mart."
Tesco's sales, driven by consumer focus, were up again this year and this positive trend was echoed in turnover, profits, personal finance accounts and even the registering of online customers.
Reid added that he was congratulating his staff following the recent petrol crisis, during which a good work ethic was demonstrated: "There was no absenteeism and everybody put extra effort in."
To read 'Tesco reports positive H1, despite sceptical forecasts' Click Here
The Australian state of Victoria is investing in a programme to identify new opportunities for its food and agriculture industries. As part of this initiative the government conducted extensive resear...
Innovation is king - or is it? Fear of legislation or simple lack of imagination has depressed innovation in the food sector for a couple of years. Brand extensions and me-too copycats are not the sam...
UK supermarket giant Tesco is planning to open a further 40 stores in central Europe, according to the Financial Times Newspaper....
US retail giant Wal-Mart Stores Inc, says it will open two outlets in Beijing this year, and at least one more store next year, according to an Asia Pulse report....
UK Supermarkets import a much higher proportion of organic pork than is the case with conventional supplies, according to organic food lobby group the Soil Association....
Overall US produce sales are soaring, but supermarkets are still losing market share to Wal-Mart, according to government figures....
UK supermarket Tesco will reveal a record £2bn (US$3.74bn) profit next week, according to the London Evening Standard newspaper....
UK supermarket Sainsbury grew faster than Wal-Mart's Asda in the twelve weeks to 27 March 2005, the first time that has happened for ten years, according to figures from market researchers TNS....
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast