Tesco closing stores, slashing prices in attempt to save itself

Tesco’s UK and Irish profits have fallen 70% compared with last year, as it attempts to keep up with discounter supermarkets and win back the trust of the British public. But the company isn’t chainging course – pointing out it’s halting the slide in sales, even if it’s costing it money as profit margins fall. “In the UK, we continue to improve all aspects of our offer for customers, resulting in volume growth which is allowing us to create a virtuous circle of investment,” chief executive Dave Lewis said. Tesco has cut prices on 500 key products as well as reducing the number of product it carries in each range. There are now 15% fewer products, with prices reduced on 10% of those remaining. Stores closing, not as many opening There was a time when it seemed not a day went by without a new Tesco opening. No more. Since the start of the year the company has closed 53 unprofitable stores and is reining-in expansion plans. Recently Tesco has axed 24-hour opening in a series of stores , announced plans to re-organise its aisles and pulled high-profile brands like Carlsberg, Kingsmill and Ribena from its shelves in an attempt… Read full this story

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