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| From: Tesco Core Purpose and Values |
The company's new mission is: Serving Britain's shoppers a little better every day.
This mission statement defines the company's geographic realm (Britain--no more US convenience stores or South Korean grocery stores). It also emphasises value as a core benefit for shoppers. Finally, it defines customers as shoppers. Shoppers can be bank customers, too, by the way.
Not surprisingly, Tesco just sold its Giraffe restaurants, which it had been both standalone and in-store businesses. The company operates 6,900 stores and bank branches, with yearly revenues of £48.4 billion.
Committing to a mission focused on shoppers also means Tesco is adjusting profit expectations. Grocery retailing is a low-margin business. Price wars (several times a year) often sap profits even further as Tesco fights to defend market share.
What's next for Tesco?
