£1bn Makeover For Tesco

Tesco have announced a £1bn store makeover after UK profits have fallen for the first time in more than 20 years.

"We fully recognise that we need to raise our game in the UK," said Tesco's chief executive, Philip Clarke, after the country's biggest retailer reported a 1% fall in UK profits to £2.5bn.

The UK business has been the cash cow enabling Tesco to expand overseas and Clarke admitted the retailer had taken "a little bit too much away from the shopper".

This culminated in a shock profit warning in January when shoppers voted with their feet over the key Christmas period.

In an effort to win back customers Clarke has promised more staff on the shop floor as well as "better" products, prices and promotions. Building a better Tesco in UK was his "first priority", he added.


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