Stories
Stories
Turning Around Tesco
The British-based grocery chain Tesco—the third-largest retailer in the world—recently marked its 100th anniversary with a record-setting, 30-hour dance relay in Wembley Stadium. There were other reasons to celebrate, too: The chain is back in the black after surviving a 2014 accounting scandal and £6.4 billion in losses, the largest ever experienced by a British retailer.
David Lewis (AMP 161, 2001) arrived on the scene as Tesco’s new CEO in the wake of that dark moment; many now credit him for returning the company to profitability through an unwavering focus on Tesco founder Jack Cohen’s mantra to always put the customer first.
Last year the company posted profits of nearly £1.7 billion; but the specter of Brexit instability looms large. “The thing about Brexit is it all depends on the detail” Lewis told the Daily Mail. “If there are tariffs, we will deal with it. The biggest single thing is if there is friction at the border.” Britain imports half the food it eats; a Spanish lettuce that lingers at the border for even two days has a much-diminished shelf life, notes Lewis, who nonetheless seems ready to accept any challenge that may lie ahead. “What I have learned from the life of Jack Cohen is that the customer always has the answer to any question we have as a business,” he said. “It may not be easy, but they have the answer.”
Post a Comment
Related Stories
-
- 31 Jan 2023
- HBS Clubs
Female Founders' Dilemmas; UK Tech Startups
By: Margie Kelley -
- 06 Dec 2021
- HBS Alumni Bulletin
In My Humble Opinion: Come Clean
Re: Jon Simon (MBA 1980); By: Julia Hanna -
- 28 Jul 2021
- Harvard Magazine
Governance Reform and Shared Value
Re: Michael E. Porter (Bishop William Lawrence University Professor, Emeritus) -
- 01 Sep 2020
- HBS Alumni Bulletin
In My Humble Opinion: Screen Tested
Re: Sarah Harden (MBA 1999); By: Julia Hanna
Stories Featuring Dave Lewis
-
- 04 Oct 2019
- Times of London
Changing of the Guard at Tesco
Re: Ken Murphy (AMP 159); Dave Lewis (AMP 161)