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Turning Tesco

Turning Tesco

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Julian Parker

Today Dave Lewis began the monumental challenge of turning around the fortunes of the colossus that is Tesco. The erosion of Tesco’s footing as the UK’s #1 retailer has been well documented and they are now at a serious juncture; three profit warnings have been issued in an 8 month period. Investors are spooked.

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Today Dave Lewis began the monumental challenge of turning around the fortunes of the colossus that is Tesco. The erosion of Tesco’s footing as the UK’s #1 retailer has been well documented and they are now at a serious juncture; three profit warnings have been issued in an 8 month period. Investors are spooked.

It seems Tesco have been going through an identity crisis in recent years, they are sandwiched between the premium and the low-price supermarkets. They have agreed to a code which means their prices remain the same nationwide; they cannot tailor their prices to meet the needs of geographically very different customers.

Tesco are accused of ignoring their customers, overlooking the rise of the discount supermarket, trying to become a one stop shop, and the worst crime of all? Allowing generations of their best talent to exit the business.

After Dave Lewis defines his priorities and begins to implement his strategy he will immediately look for people within the business who buy into his methods and can deliver change. He will need to shake-up what already exists and create an identity that not only customers relate to but also attracts the best talent in the market. At this crucial point having the right people involved in this project will underpin its success.

Unfortunately, candidate perception of company branding is widely overlooked during transformation strategy. Candidates are no different to modern customers, they ask for their peers opinions and experiences of particular organisations, they hold their recommendations in high regard and the direction a company is headed is now more important than ever.

Moving forward brand positioning must be high on Lewis’s list of priorities. Customers must feel like they are being offered the right products, and, future talent must buy into Tesco’s transformation in order for it to stand a chance of success.