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TESCO

Global Grocers

Dr Amit Rangnekar
www.dramitrangnekar.com

Global Retail 2007


Retailer

Ori Sal Ne Ne Presence


es
t
t
$b $b %

Walmart

US 379 13

Americas, UK,
Asia

13

Carrefour

Fra 114

EU, Africa, Asia

Tesco

UK

95

EU, US, Asia

Metro

Ge
r

88

EU, Asia

Home
Depot

US

77

US, China

Kroger

US

70

US

Schwarz

Ge
r

69

EU

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CAGR
L5Y%

Global Retail Dynamics

Top 250 global retailers- sales $3.6t @ 11%


2007- Tesco 3rd largest
80/Top 250 retailers decline in sales
14 retailers net loss, 7 in 2006
Healthy net margins- 3.7% (3.6 in 06, 3.5 in 05,
2.7 in 04
Average Top 250 retailers sales- $14.5b, $13b
in 2006
163/250 companies- retail sales <$10b
93/250 companies- retail sales <$5b
Only 40/250 companies sales > $20b
US financial crisis spilling over to EU,
Asia/Pacific
Consumer spending impacted
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Tesco 2008
Founded

By Jack Cohen, 1919 (East London)

Employee
318,000
s
Business

Retail- Offline and Online

Products

Products: Groceries, consumer goods,


clothing, electronics, electricals, DVD rentals,
food
Services: Petrol, insurance, internet, telecom,
financials, IT, online
Brands: Cherokee, Florence + Fred, Healthy
Living

Status

UKs largest, Worlds 3rd largest retailer

Stores

3263

Sales/Net $ 95b, $ 4b
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Corporate strategy
Tesco targets all market segments
Own-brand products and private labels
Upmarket Finest, mid-range & low-price
Value
Encompass categories- F&B, home, clothing,
mobile, finance
1997 "The Tesco Way" to describe core values &
goals
Geographic & category expansion
Leverage image

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Origin & Progress


1919- Surplus groceries
Tesco from tea supplier TE Stockwell & CO from Cohen
1929- 1st store, 47- 1st self service store, 59- 1st
Supermarket
1960s- Trading stamps for shoppers, built customer loyalty
Policy- "pile it high sell it cheap, firm stagnated, bad image
1977- Central purchases, growth, 1979- 1b, 1982- 2b
1990s- Scotland, Ireland & Northern Ireland
1995- Loyalty card- 'Clubcard, logo changed
2002- Convenience stores
2003- Telecom- mobile & home phone
2004- Broadband service
2004- Thailand
2005- US
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UK M&A Map
M&A
Target

Year Stor Motive


es

Williamsons

1957

Harrow

1959

Irwins

1960

Charles
Phillips

1964

97

Victor Value

1968

206

Hillards

1987

40

220m, North England


supermarkets-

William Low

1994

57

Supermarket chain, Scotland


entry

ABF Retail

1997

70

800 stores added through M&A


200 in the 50s & 60s- Scale, UK
consolidation
212

640m Ireland,Northern
Ireland-entry

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UK Grocery Retail 2007


UK Grocery Retail
96000 stores, 134b

Convenience RetailTraditional Retail Home Shops Supermarkets


40530, 27b
39719, 7b
2b
6000, 97b
Co-operatives
2400, 3b

Co-operatives
912, 3b

Multiples
2604, 3b

Multiples
5322, 94b

Symbol Groups
14000, 1b

Independents
102, 0.5b

Independents
23108, 7b
Forecourts
8629, 3b

UK Competition

2007- UK grocery market $213b @ 4%


Groceries- 13% household spend (3 rd-, housing & transport)
Food, grocery - 49p/1retail spend, 20p in convenience stores
Supermarket chains: 3000-25,000 sqf, broad grocery range
Superstores:>25,000 sqf, broad grocery & non-food range
Convenience stores: <3,000 sqf, long hours, different groceries
Traditional:<3,000 sqf- news stands, green-grocers, liquor , gas
Alternates: net, catalogue shops, farmer markets, vending m/c
Top 4 large supermarket chains- 75% of UK food retail
Discounters- 5.3% share, boom, Aldi & Lidl (Ger) leaders
EDLP, limited products, 8600- 16000 sqf
Predominately Private Label, exclusive labels, not store name
2008- Tesco 350 discounter style brands, better quality than value
range, cheaper prices than known brands

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Tesco UK leadership (TNS Worldpanel


)

1/7 (14%) of UK retail sales across all categories,


spent at Tesco
26% share of UK grocery market
56% of all UK supermarket shoppers
66% of online food and grocery shoppers
30 distribution centres, 6 dedicated to non-food &
clothing

Supermarket Consumer spend (000s) MS (Aug 08)

% over
Jul 08

Tesco

6,351,531

31.6%

0.3%

Asda

3,410,431

17.0%

0.1%

Sainsbury's

3,175,543

15.9%

0.1%

Morrisons

2,233,137
11.1%
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0.2%

Competition

Asda , owned by Wal-Mart since 1999


Potential to take on Tesco
Asda's George clothing, best selling UK brand
2006- Wal-Mart sold all 16 stores, Carrefour divested
ops
Sainsburys, UK's biggest grocer till 1995
Now behind Tesco and Asda, but neck-to-neck with Asda
Tesco- slowest checkouts among 6 majors (The
Grocer,2006 )
Somerfield shortest queues, average wait 4 mins,
Waitrose, Sainsbury's, Asda, Morrisons to follow
ASDA- cheapest UK supermarket, Tesco 2nd, Sainsbury's
& Morrisons 3rd

UK Supermarket chains (TNS Oct08)


Retailer

MS
%

Tesco
AsdaWalmart

Target
market

Products

Type

31.4 Middle

Economy & Upscale

All

17.1 Lower

Economy

Supermarke
t

Sainsburys 15.7 Up-market

Medium and upscale

Supermarke
t

Morrisons

11.2 Lower

Economy

Supermarke
t

Somerfield

3.9

Lower

Economy

Supermarke
t

Waitrose

3.8

Up-market

Up-scale

Supermarke
t

Aldi

3.1

Price
focused

EDLP, limited
products

Discounters

UK Market Share

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UK Grocery shopping
Asda

Morriso
ns

Men

21

12

17

28

Women

21

12

21

28

Upper + Middle

18

27

30

Lower Middle

15

13

20

32

Skilled Working
Class

22

15

15

26

Working Class

32

13

11

25

Lowest
Subsistence

23

12

14

22

Leader

Sainsbur Tesco
ys

Promotion

Tagline- Every little helps


Print & TV
Focus on products to highlight range & value
Print- "Tesco Value" superimposed on red circle
TV- celebrity voiceovers

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Private label
UK private label market 42b, strong growth, 52b
by 2011
Penetration 37% of consumer packaged goods
(personal care, f&b), 40% by 2011
Higher margins than branded products
1,000+ own-brands- Cherokee, Florence, Fred &
Healthy Living
400 Value products
Own brands 50% of total sales, leverage to increase
margins
Tescos UK non-food sales small but growing 7.6
@11%
Tobacco, household, white goods, clothing
&entertainment
Tesco market share only 8% in UKs non-food market
Proficient skills in sourcing, SCM & merchandising
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UK Store formats
No.

Area
(sqf)

% space

+/Stores
2007/8

175

12,123,00
0

40.87%

28

Tesco

424

12,903,00
0

43.49%

Tesco Metro

160

1,882,000

6.34%

Tesco Express

827

1,793,000

6.04%

92

One Stop

513

696,000

2.35%

Tesco
Homeplus

269,000

0.91%

Format
Tesco Extra

2,10
29,667,0
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Tesco Extra

1st in 1997, 100th in 2005


Large, mainly out-of-town hypermarkets
Full product range- equal focus on food & non food
20 added every year
Largest store 125,000sqft
New stores- ground floor for food, first for clothing,
electronics & entertainment
Own cafeHypermarket

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Extra

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Tesco Metro
1992
Focus- local
community of region,
Size- between Tesco
superstores & Tesco
Express stores
Location- city
centres, inner city,
high streets
Typical 12,000 sq ft
Rebranded High
street format Tesco
branches to Tesco
Metro- Tesco high
street sub brand
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Tesco Superstores
Standard large
supermarkets
Typical 30,000 sqft
Stock groceries,
smaller range of nonfood goods than Extra
Called "superstores"
for convenience, does
not appear on shops
Location- suburbs,
edges of large and
medium towns

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Tesco Express
Neighbourhood
convenience
Food + everyday
essentials
Focus- high-margin
products (lack of
economies of scale)
Location-busy city
centres, small shopping
precincts in residential
areas, small towns
Esso petrol stations
827 stores
Typical size 2,100 sq ft
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One Stop

Does not include Tesco in its name


Smallest stores, Typical size 1,350 sqft
500 stores
Also have Tesco personal finance ATMs
Different pricing mechanism
Later opening hours

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Tesco Homeplus
Non-food only venture
2005, Manchester and Aberdeen, now 11
stores
Full range except food, warehouse-style units in
retail parks
Rationale- only 20% customers have access to
Tesco Extra
Scaling all up to Extra not possible
High competition in non-food retailing

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Distribution
Similar sourcing like other large retailers
Suppliers to regional distribution centres to
stores
Factory gate pricing, to reduce costs
RFID technology
2006- transporting goods by rail
2007- transport wine from Liverpool to a
Manchester by canal, also using sea route

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Clubcard
1993- Tesco collected customer data and sent
targeted offers
1994 Chairman Lord Maclaurin It is scary that you
know more about my customers after 3 months than
I know after 30 years.
1995- Clubcard introduced, UKs largest, 14m
holders
Idea rejected by Sainsbury's, but reversed due to
Clubcard success
1pt / 1 spend in a Tesco outlet, credit card, mobile,
broadband, personal finance or redeemable coupons
Redeem- In store- 1pt=1p, 4p with clubcard deals
(holidays, trips, airmiles) + discount coupons / deals
Customer feedback & buying pattern insights helped
thwart bigger players
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Clubcard

2005- Clubcard relaunch with personalised cards


Scannable key fobs for early checkout than swipe
2008 New design cards with key fobs
2007, Tesco Clubcard in Malaysia, 8L applications
in 2 weeks
Green Clubcard
If customers re-use bags for in store shopping
(1pt /bag) / opt out of receiving product bags in
online shopping (1pt/10 items)
Points, if mobile phones, ink cartridges etc recycled
through Tesco-branded recycling services
Green Clubcard points = value of normal points,
but listed separately on receipts and statements
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CRM
Mass-customized magazines to customers, with
articles & ads related to Tesco products and third
party advertisements
Magazines contained promotional coupons &
Clubcard forms
Data collection to formulate strategies for cost
effective personalized services
1993- First Class Service for frequent/ high
value customers
1994- One on Front to reduce customers
check-out time
if >1 person in line, open closed counter to
handle 2nd in line
1994- Clubcard Loyalty Scheme.

CRM
Database of family purchases, patterns, preferences,
price points, packs, personal details- enabled
classification
Insights- need gaps, pricing, merchandising, promotion,
service, media effectiveness, customer management
(ARD)
Better service & customer xp ensured footfalls
maintained
4 categories: Premium, Standard, Potential &
Uncommitted
Dimensions- premium, value, convenience,
frozen/healthy/ fresh eating, and kids
Special privileges- Valet parking, personal store attention
Special cards for students and mothers
Personal shopping assistants for expectant mothers
Strategy- launch better & bigger stores, competitive
prices, increase product range, focus on remote shopping
services
Dedicated team of Price Checkers to benchmark

CRM
Every Customer Offered Help (ECOH)- trained
in offering help and living up to customer
expectations
Wave at 15 feet, nod at 10, smile at 5- greet &
offer help
2001- Customer Champions in stores for
employees
Collaborate with suppliers to develop Lean
Thinking
Ensure 99% stock availability
2003- diversifications- more reasons to buy
Me Time for women customers- free sessions
at leading health spas, luxury gyms & beauty
saloons, discounts on designers clothes,
perfumes and cosmetics.
2003- $60m to retain customers

Pricing

1960s- Regulations restricted sub-MRP pricing


Tesco unable to compete on price with small retailers
Launched Trading Stamp for customers in lieu of purchases
Redeemable against cash or gift, huge hit
1980s- Checkout at Tesco- price cutting campaign
Healthy Eating- nutritional value focus (premium products)
1990s- New store formats across categories & price points
Rifle shot approach instead of carpet bombing approach
Captive customer base & cross-selling opportunity reduced
cost of acquiring customers for financial service by 50%
Tesco Finest to counter rivals targeting premium (M&S)
Developed totally new product range, reduced impulsive
products (candies)

Online success- Tesco.com


1994, worlds 1st home shopping service
World's largest online grocery service, 2007- 1b @
29%
Also online- consumer goods, telecom & financial
services
Online in UK, Ireland & South Korea
4th largest online retailer in UK- Amazon, Dell, Argos
UK- 850,000 customers, > 250,000 weekly orders
Rapid expansion, limited investment, better margins
Digital downloads- 60,000 DVD titles and games
Tesco Direct- non food segment - electricals, books,
wine, music, movies under one virtual roof - Tesco Extra
Strategically positioned for online shopping boom- new
customer segments
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Brand Image
Tesco- good quality, trustworthy goods,
excellent value
Innovative ways of improving customer
shopping xp
Value through financial services
Strong brand equity
Enhancing customer retention rates
Enables quick entry into new markets, product
lines
Own labels

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Garden Centres
2007- M&A Dobbies Garden Centres, 53%,
156m
24 garden centres- 12 Scotland and 12 England
Dobbies name retained

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Personal Finance

Growth outside retail sector


Banking arm- Tesco Personal Finance
50:50 JV with Royal Bank of Scotland
Credit cards, loans, mortgages, savings
accounts, insurance
Promotion- , leaflets in Tesco's stores, website
2007- Profit 130 m (Tesco 66 m)
2008- Bought out RBS stake for 950 m

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Telecom
ISP 1998, serious from 2003
ISP, mobile, home phone and VoIP businessesUK
Marketed via Tesco website and stores
2003- Tesco-O2, 50-50 JV- Tesco Mobile
2003- Tesco-Cable & Wireless JV- Tesco Home
Phone
Tesco uses O2 network & infrastructure, no
investment
99% population network / c 95% geographical
coverage
2006- Tesco-Freshtel (Aust) JV- Tesco Internet
Phone, VoIP
2004- 0.5m customers, 05- 1m, 06- 2m
2006 Tesco Ireland services
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Fuel
1997- Tesco JV with Esso (Exxonmobil ) for petrol
stations
Tesco to operate under Express format
Esso would operate forecourts and sell fuel via
Tesco store
2007- 600 Tesco/Esso stores across UK
Biofuels- petrol-bioethanol, diesel-biodiesel
blends- Greenergy
One of UKs largest independent petrol retailers

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International entry strategy


Country Entr Strategy
y
Scotland

M&A William Low Supermarket chain, 57 stores

Ireland

M&A Relaunched, 640m M&A ABF Retail, now grocery


leader 26%

Korea

JV

Samsung(19%), M&A 36 E-Land hypermarkets


$1.9b, 2nd largest

Thailand

JV-

Pokphand Group, Tesco Lotus

China

M&A 50% Hymall chain, ramping up

Czech
Rep

M&A Kmart Operations

Hungary

M&A Kmart Operations

Japan

M&A C Two stores 139m, Fre'c

Malaysia

JV

Poland

M&A HIT Hypermarket 27 stores

Slovakia

M&A Kmart www.dramitrangnekar.com


Operations

Sime Darby Berhad (30%), M&A Makro

International presence
Country

Entry

Stores

Area
sqf
Turnover
Area
Area
Country
Entered
Stores
(sq
((m)
million)
ft)

Sales m 2005

Status

China

2004

56

5,008,000

552

Czech Rep

1996

108

4,633,000

807

France

1992

16,000

Hungary

1994

125

5,524,000

1,180

Ireland

1997

104

2,501,000

1,683 (07)

Japan

2003

144

426,000

287

Malaysia

2002

26

2,295,000

247

Poland

1995

334

7,523,000

1,135

Slovakia

1996

65

2,911,000

498

South Kor
ea
Thailand

1999

142

5,986,000

2,557

2nd

1998

532

9,122,000

1,326

Leader

Turkey

2003

79

1,946,000

256

US

2007

76

60,000

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Leader

Leader

Tesco Reach 2007

UK- 1988 stores- 28m sqf


Largest geographic market, 77% of sales
@ 9%
Outside UK- 1275 stores (40m sqf)
Rest of Europe 13% of sales @ 9%
Asia 10% of sales @ 1%
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International status
Ireland- Grocery leader, 26% share, home delivery
80% population
South Korea- Samsung JV, 2nd (Lotte), all formats,
investing $4b
China- Ramping up stores, products and formats
Malaysia- Tesco Extra, value- own brands,
electronics, & clothing
Poland- Own brands, full product range, petrol and
finance services
Slovakia- Tesco Express, emphasis on organic range
Thailand- 20m customers monthly, 97% local
source, diverse range
Czech Republic- Non-food expansion- petrol,
personal finance
France- "Vin Plus" outlet in Calais- wine, beer and
www.dramitrangnekar.com
spirits

Tesco US Rationale
Reduce UK over dependence 20% sales & profits
from overseas
L10Y- Iconic UK retailers Sainsbury, M&S shut shop
UK food retail market $212b @3%, US $562b @ 6%
1980 US 69% food $ at grocery stores, 2005- 47%
As discounters boomed (Wal-Mart, Kmart & $
stores), moved into food & compete on price
As niche high-end stores- food, health foods,
specialist shops proliferated with focus on quality &
service
Existing food retailers squeezed, hard to
differentiate brands
Low margins as fragmented structure ( US > UK),
unable to recoup from non foods- electronics &
clothes
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Tesco US Entry Strategy


2001- Ally with Safeway supermarket, tesco.com- home
shopping
2007- launch 100 up-market convenience stores on west coast
Fresh & Easy, Tesco Express convenience + high margins
Rationale- Tesco size = US No 2 Kroger, margins higher
Tesco- private label brands- good, better, best range- rare in US
US convenience stores offer low prices, retail stores earn more
Tesco entry with own brand, than M&A US food chain
Tesco xp in food, non-food & online, convenience store format
Smaller format, less capital investment, faster roll out
Convenience store shoppers- more fickle than larger store
patrons, more likely to try new format, at right locations
Low entry barriers, low exit barriers- attractive to enter

India strategy
Regulatory- Overseas companies only allowed
to open wholesale, licence or franchise
arrangements
Single brand retail 100% allowed
Invest $115m to open wholesale cash-andcarry in Mumbai
Supply to Tata Star Bazaar
Reported JV with Hero Honda group
If policy opens up, would open own retail
business

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Financials
Year end Sales(m)

(Year End February)

PAT (m)

EPS (p)

2008

47,298

2,130

26.95

2007

46,600

1,899

22.36

2006

38,300

1,576

19.70

2005

33,974

1,366

17.44

2004

30,814

1,100

15.05

2003

26,337

946

13.54

2002

23,653

830

12.05

2001

20,988

767

11.29

2000

18,796

674

10.07

1999

17,158

606

9.14

1998

16,452

532

8.12

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In
10 years,
sales
tripled,
profits
grew
5 fold

Tesco Criticism
2006- Litigations on disrupting small local retailers &
stifling competition
2007- Tesco investigated for cartelling with
Safeway, Asda, Morrisons, Sainsburys & dairy companies
Price fixing of milk, butter and cheese
2007- Asda, Sainsburys, Safeway admitted- fined 116M
Tesco claimed innocence, under investigation
2007- Online operations from Switzerland, save VAT
Sell CDs, DVDs, electronic games online- Inquiry
2008- Promoted companies in Cayman Island to start UK
stores who would lease them back to Tesco
Saved 1b tax on profits from property & sales
2008 Deposited 1b in Swiss partnership, loaned money
to overseas Tesco stores, transfer profits back through
interest
Tesco defence- We have a duty to organise our affairs in
a tax-efficient manner, and we already pay a lot of tax

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SWOT
Strengths

Weaknesses

Market leadership
Strong online
presence
Brand equity

EU- 90% of sales


Low margins
Weak inventory turnover

Opportunities

Threats

Asia, US, EEU


Private label & Non
food

Rising labour, input, interest


costs
Regulatory policy
Intense competition
International global
meltdown

www.dramitrangnekar.com

India launch (Perception map)


High
Bharti-Walmart
Carrefour- Hero Honda
Tata-Tesco
Future Group
Lifestyle
Shoppers Stop
Reliance
Birla Group
Subhiksha
Vishal

Price

Low

High
Range

References

^ YahooUK Finance - Tesco Profile (Accessed 11/May/2008)


^ "2008 Global Powers of Retail report". Deloitte. Retrieved on 2008-03-10.
^ "Tesco DVD Rental". Tesco. Retrieved on 2006-07-27.
^ a b c "Tesco: Our History". www.tescocorporate.com. Tesco plc. Retrieved on
2007-03-27.
^ "Our history". Tesco plc. Retrieved on 2006-11-10."The name comes from
the initials of TE Stockwell, who was a partner in the firm of tea suppliers, and
CO from Jack's surname"
^ "Tesco Plc: Overview". Retrieved on 2007-08-17.
^ "TESCO in 2003". ICFAI. Retrieved on 2007-03-27.
^ "Seminar Papers 2004" (PDF). LSE. Retrieved on 2006-12-23.
^ a b Hoggan, Karen (1998-11-17). "Tesco Tycoon: Interview with Tesco's
fortunes chairman Ian MacLaurin", Marketing, Haymarket Publishing Services.
Retrieved on 2007-03-27.
^ Pagano, Margareta (1987-05-16). "Shocked Hillards attacks greed of
Prudential: Hartley disgusted with institutions after Tesco wins takeover battle",
The Guardian, the sun. Retrieved on 2007-03-27.
^ "Tesco accused of 'near monopoly'", BBC (January 17, 2006).
^ "Inverness: Tescotown". Retrieved on 2006-03-13.
^ Lorna Martin (2006-01-01). "The supermarket that ate a town", The Observer.
^ Walker, Gaelle (2006-11-11). "Online failing todeliver", The Grocer, William
Reed Publications, p.6. Retrieved on 2007-01-27.
^ "Business as usual for Sir Terry after 10 years in charge", Birmingham Post,
Midland Independent Newspapers (2007-02-22), p.24. Retrieved on 2007-0330.

www.dramitrangnekar.com

References
Simms, Andrew (2007). Tescopoly: how one shop came out on top and why it
matters. London: Constable. ISBN 1845295110 .
Humby, Clive; Hunt, Terry & Phillips, Tim (2006). Scoring points: how Tesco
continues to win customer loyalty. London & Philadelphia: Kogan Page. ISBN
9780749447526.
Nash, Bethany (2006). Fair-Trade and the growth of ethical consumerism within the
mainstream: an investigation into the Tesco consumer. Leeds: University of Leeds.
ISBN 75272130. ^ a b c Rigby, Elizabeth (2006-11-11). "Eyes in the till", FT
Magazine, Financial Times, pp.16-22. Retrieved on 30 March 2007.
^ "About us". www.dunnhumby.com. dunnhumby Limited (2008). Retrieved on
2008-10-12.
^ Mesure, Susie (2003-10-10). "Loyalty card costs Tesco 1bn of profits - but is
worth every penny", The Independent. Retrieved on 30 March 2007.
^ Randall, Jeff (1996-06-23). "Sainsbury plays its loyalty card", Sunday Times,
Times Newspapers. Retrieved on 30 March 2007.
^ Rory Cellan-Jones (2007-06-18). "A journey into personal privacy", BBC News on
bbc.co.uk. Retrieved on 9 June 2008."Privacy campaigners are convinced that big
companies, from Google to Tesco, know too much about us - and are not careful
enough with our data....While call centre staff don't have access to your data,
details of all purchases on Clubcard are stored for up to two years."
[edit] External links
http://www.deloitte.com/dtt/press_release/0,1014,cid
%253D196099,00.htmlWal-Mart remains largest global retailer, according to
Deloitte surveyTesco Becomes 4th Largest Global Retailer, Overtakes Metro
http://www.independent.co.uk/news/business/news/tesco-prepared-to-press-theprice-button-1334363.html James Thompson Wednesday, 14 January 2009