Blog: Go easy on Fresh & Easy
Dean Best | 28 February 2008
I’m British therefore I must dislike Tesco. That’s how it feels sometimes, judging from the brickbats thrown at the retailer here.
The company came under fire yesterday after allegations that it uses the Cayman Islands to avoid paying tax on property deals.
The financial press here also picked up on a broker’s report in the US, which warned that Tesco’s fledgling Fresh & Easy business is on-track to miss its financial targets.
Tesco told us they viewed the reports on Fresh & Easy as “scaremongering” and that it would be better to give the stores more time before coming to a conclusion on their performance.
I’m inclined to agree. The business has been up and running for just four months and, like every other new business, is facing teething problems.
Retail analysts in the UK have greeted Tesco’s US venture with enthusiasm, while, most tellingly, the launch of Fresh & Easy has stirred Wal-Mart into action.
The US retail scene has been a graveyard for UK retailers in the past but let’s give Tesco more time before writing Fresh & Easy’s obituary.
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