Tesco has slipped from third to fourth place in the league table of the world’s biggest retailers.
According to a worldwide study by Deloitte Touche Tohmatsu, the accountants and business advisers, Britain’s biggest grocer has been overtaken by Metro, of Germany, best known in Britain as the owner of Makro, the cash-and-carry store.
The report, containing this information, also confirms that, although the world’s biggest retailers have all increased their sales in the past year, two thirds suffered a hit to profits, sacrificing margins to ensure that customers kept spending.
The news comes a day before Tesco is to update the City on trading in the crucial Christmas period. It is tipped to report like-for-like sales growth of about 3 per cent for its UK business for the six weeks to January 9. Some analysts are pressing for it to explain how an extra £100 million of vouchers for its Clubcard loyalty scheme, which were sent to members before Christmas, affected sales. Many Store Management teams would be able to answer this question pointing to the savings (averaging 17k per store) made on recruitment of temps – which left customers complaining about poor service and Managers and staff working ridiculous hours UNPAID or for time back (which never happens)
Terry & David really are losing their grip on this Chain
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