Business Strategy and Strategic Management: Tesco - Case Study Example

Business Strategy and Strategic Management Table of Contents Table of Contents 2 Q Introduction 3 Company Overview 3 Mission and Vision ments 3 Business Description 4 History of the Company 5 Major Products and Services 6 Q. 2.) Strategic Audit of Tesco Conducting Internal and External Analysis 8 External Analysis of Tesco 9 Internal Analysis of TESCO 15 Q. 3.) Critical Analysis of Tesco’s Strategies 19 Successful Part of Tesco’s Strategies 19 Primary Reasons behind the Success of Tesco’s Strategies 21 Aspects not Successful in Strategy Implementation of Tesco 22 Primary Reasons behind the Parts of the Strategy of Tesco Being not Successful 23 References 26 Appendices 29 Q. 1. Introduction Company Overview Tesco PLC is regarded as the UK’s largest food retailer that operates in excess of 2318 stores across the globe and employs over 520,000 people who are significantly engaged in serving millions of customers every week (Tesco PLC, 2012). It has been viewed that the company operates in more than 1878 stores in the UK region only. Apart from the UK, the company also operates in other parts of the world including Europe and Asia among others. The company adopts as well as implements its own online websites in order to deliver its broad assortment of products or services to the customers. In this similar context, Tesco.com has been viewed to be a wholly held subsidiary offering complete online services to the customers that encompass tescodirect.com and tesco.net. During the fiscal year 2011-2012, it has been apparently observed that the sales of the company increased by 7.4% that amounted to £72 billion and thus attained superior competitive industry in the related industry (Tesco PLC, 2012). Mission and Vision Statements Tesco considers its workforce to be one of the imperative resources and intends to deliver the best services or products for the target of generating superior value and gaining lifetime loyalty of the customers. Furthermore, the company strongly believes that apart from its employees, the control of the business by the management team also contributes in supporting it to fulfil its predetermined business objectives. Thus, on the basis of the above discussion, it can be stated that the mission statement of the company implies on creating value for the customers for gaining their life time reliability by a considerable level (Tesco PLC, 2011). On the other hand, the vision statement of Tesco has been noted to serve the customers effectively worldwide, commit to remain much loyal towards the employees and implementing effectual business strategies so that the company can comply with the needs of its discriminating customers. Furthermore, the other vision statement of the company has been directed towards making the company highly modern and innovative by applying local talent and skills globally and expands its business to the height of horizon (Tesco PLC, 2011). Business Description Tesco is principally regarded as one of the leading food retailers primarily operating in Europe and Asia. In terms of determining the different services of the company based on market segmentation and geographical area, it has been viewed that the company’s basically performs different operational functions in the UK business market through different stores namely Superstore, Extra Metro and Express. The company sells nearly 40,000 food products through its various superstores along with selling other products like clothes and non-food commodities among others. The company classifies its broad array of products into certain major aspects that comprise value, normal and finest (Datamonitor, 2004). With regard to determine the products or services of Tesco, it has been viewed that the company is engaged in selling convince products wherein the company has installed gas stations. Thus apart from food retailer, the company has also established itself as one of the leading petrol autonomous retailers. Moreover, the company is also engaged in offering retail services in the UK through introducing Tesco Personal Finance. In this regard, Tesco Personal Finance is regarded as a joint venture in association with the Royal Bank of Scotland. This retail segment of the company offers its services nearly 3.4 million customers and offers different financial based instruments and services. Apart from the operations of the company operations in the UK, it also operates in other European countries like Republic of Ireland, Hungary, Slovakia, Poland and Czech Republic. At the same time, the retail giant i.e. Tesco offers its services or products through more than 66 hypermarkets and supermarkets in Poland. Additionally, the company operates in 22 and 23 hypermarkets in Czech Republic and Slovakian markets respectively. On the other hand, the company also hold large share of retail market in various Asian regions. In Asia, the company performs its operational functions in Thailand, South Korea, Taiwan and Malaysia. The company possess in excess of 64 stores in Thailand and 28 stores in the South Korean business market. Contextually, the company holds three retail stores in the Taiwanese and Malaysian market respectively (Datamonitor, 2004). History of the Company Tesco was actually originated in the markets of London’s East End in the year 1914 wherein a person named Jack Cohen began to sell groceries. Apparently, the brand name Tesco was first seen on the tea packets in 1920s. However, it is interesting to know that Tesco is the amalgamation of two names i.e. T.E. Stockwell and Cohen. It has been apparently observed that the Tesco store was initially established in the year 1929 in Burnt Oak, Edgeware. The company continued to rise rapidly and in the year 1932, Tesco became a private limited company (Clark, 2008). By taking into concern with reference to the fact that on other parts of the world like in the US, self service stores were gaining popularity, the company focussed more upon expanding its service stores at large. In this similar concern, Jack Cohen founded first ever Tesco self-service store in the year 1948. Over the passage of time, the small business that started by Jack Cohen rapidly expanded its structure from stores to supermarkets and was able to establish itself as one of the most familiar names concerning the sale of household goods as well as clothing. In the course of rapid expansion of the business, the company in the 1974 established petrol stations that were engaged in selling fuel at competitive prices at its major sites. Owing to the factor of constant growth by implementing effective business strategies, the company has been awarded in the year 1979 at the time when the annual turnover of the company overlapped the limit of £1bilion for the first time in the related industry. During the period of 1990s, the company continuously expanded its business both nationally and internationally in rest of the Europe and Asian markets. The company as its international expansion set up its stores in Poland, Slovakia, Czech Republic and Hungary along with in Thailand, Malaysia, South Korea and Taiwan. During the course of its expansion, the company acquired companies such as T&S, the UK based convenience retailer and HIT, a hypermarket operator in Poland in the year 2002. In 2003, the company also acquired the small Turkish based hypermarket chain named Kipa (Datamonitor, 2004). Major Products and Services The company primarily operates its retail businesses through different types of stores that include Extra, Superstore, Metro Express and Tesco.Com. Specially mentioning, the company offers food products, non-food products, fuel and home living commodities through these stores. In addition, Tesco Personal Finance offers different investment linked services like Life Insurance, Home Insurance, Travel Insurance, Motor Insurance, Saving Accounts, Personal Loans Secure Investment Bonds and Online Mortgages to its customers. It is worth mentioning that the revenues of Tesco primarily generates from three major geographical areas where it performs its different operational functions that include the UK, rest of Europe and Asia. It has been viewed in this context that these geographical areas contribute 73.8%, 10.1% and 8% respectively of total revenue generated. Contextually, it can be identified that the company derives the highest percentage of revenue from its home market in the UK and secondly from the rest of the Europe. The share of revenue generated from the Asian region can be viewed to be quite less as compared to other two regions (Datamonitor, 2004). After acquiring a brief idea about the vision as well as mission statement and the services or products of Tesco, it can be affirmed that the company intends to deliver effective services to the customers for the purpose of attaining its expected business targets. In this similar context, it has been viewed that the company adopted as well as implemented certain imperative business strategies for which it became one of the biggest food retail companies operating in the UK, rest of Europe as well as in Asia. The strategies include smooth incorporation of information technology (IT), better utilisation of available resources and focussing more upon the aspect of supplier management. Thus, it can be affirmed that the company derives highest revenue from its home market in the UK and expanded its business nationally and internationally due to the execution of the aforementioned business strategies. Moreover, it can also be stated that, the company has emerged as one of the most attractive as well as dynamic retail companies operating across the globe due to proper implementation of aforesaid strategies. The different operations that perform by the company are normally guided by its mission statement that emphasises on creating value for the customers in order to gain their lifetime loyalty. Apart from strategies, the different products or services that offer by the company like food retail, non-food retail, fuel services as well personal finance including life insurance, home insurance and travel insurance among others also assisted the company to accomplish its expected business goals. The company delivers these products or services through different types of stores that entail Extra, Superstore Metro. Express and Tesco.com (Datamonitor, 2004). Unarguably, it can be stated that the company has made remarkable achievements and expansions over the years in this competitive financial business market. Thus, it can be expected that the company shall strive hard to make more expansions and achieve much more milestones in future (A.T. Kearney, Inc. 2012). Q. 2.) Strategic Audit of Tesco Conducting Internal and External Analysis Tesco is a major food retailer that operates predominantly in the UK retail market. The company performs its different operational functions in various regions across the globe. The company has been noted to engage in offering several financial related products or services including insurances and other banking services (Tesco PLC, 2011). The strategic audit of the company has been conducted by executing certain suitable analytical tools concerning both external as well as internal analysis. External Analysis of Tesco PESTLE The suitable analytical tool of PESTLE can be used in order to conduct strategic audit of Tesco that would help in making its external analysis. The different factors of the tool relating to Tesco have been described hereunder. Political Tesco performs its different operational functions in various regions throughout the globe. Thus, owing to the global operations that makes by the company, its performances are greatly influenced by the changes in the political environment of the countries where it operates (Scribd Inc., 2012). Economic Factor Tesco has been strongly affected by the economic factors as well as conditions prevailing in its operational locations. The product costs, demand for certain specific products, price structure and profitability aspects are certain major factors that influences the company’s performances in geographically dispersed locations by a considerable level (Wilson, 2001). Social/Cultural Factor Trends and lifestyles of people along with their shopping as well as consumption patterns have been noted to be rapidly changing in this present day context. Thus, these social or cultural changes have resulted in significantly influencing the demand for the non-food as well as food items along with other commodities by a greater extent. Another major factor in this context comprises the demographic changes. In this regard, changes in the population size can be regarded as a crucial factor that might possible impact on the company’s production and sale of its products (Scribd Inc., 2012). Technological Factor In this modern day context, the technology factor is quite crucial for the overall development of the products manufactured and thereby attaining greater customer satisfaction. In this regard, the company uses numerous technologically improved tools as well as devices like electronic self-labelling wireless instruments and self-check-out mechanisms among others for quickly delivering its broad assortment services or products along with offering unique shopping experience to every customer. With regard to technological factor, the company has been viewed to make use of internet sources extensively. For instance, Tesco.com and tescodirect.com offers easy shopping opportunity to its globally dispersed customers (Wilson, 2001). Legal Factor The company is also influenced by the laws and regulations enacted in different countries where it operates. Contextually, the tax policies that are followed in a particular country may vary from one another. In such circumstances, the company is burdened with managing several legal complications and often has to bear extra costs for effectually handling such activities (Scribd Inc., 2012). Environmental Factor Natural environment is considered to be the other important factor influencing Tesco’s performances and operations. Currently, in most of the countries, the company has to obtain certificates or permits from environmental regulation authority or agencies with the intention of safeguarding environment from being polluted (Guardian News and Media Limited, 2011). Porter’s Five Forces Threat of New Entry The threat of new entry in the retail industry has been recognised to be quite low because the firms willing to enter into the retail segment is required to make considerable investments for establishing itself as brand name. Additionally, the primary brands operating in the UK retail market include Asda and Sainsbury. Therefore, it can be argued that the degree of new entry in the retail market is low to medium but not high (Toshiyuki & Mitsuru, n. d.). Threat of Substitutes It is worth mentioning that threat of substitutes for the grocery industry is relatively low for food products and medium for non-food products. However, small convenience market may experience significant threat to large super markets like Tesco. Similarly, the degree of threat of substitutes is low to medium (Scribd Inc., 2012). Intensity of Competitive Rivalry The competition amid the retail competitors in the UK and other parts of the world is quite high. Tesco may face serious competition from local as well as international brands. Due to intensified competition among the retail firms, the price and the quality of the products will be a major concern factor for Tesco. Thus, it can be stated that the intensity of the competitive rivalry for retail market is medium to high (Office of Fair Trading, 1997). Bargaining Power of Buyers In relation to retail industry, the buyers bargaining power is relatively high. Additionally, price can be one of the critical factors that may influence the buyer’s decision for switching from one brand to another. Thus, the bargaining power of buyers is relatively high due to the presence of large numbers of sellers in the global retail industry (Scribd Inc., 2012). Bargaining Power of Suppliers The suppliers’ bargaining power in the UK retail industry is quite low as huge competition pertains amid the suppliers in the UK business market. This might prove beneficial for Tesco to increase quality in its different products or services with minimum costs at large (Scribd Inc., 2012). Apart from considering PESTLE and Porters five Forces, both BCG and EFE matrix can be taken into concern while conducting a strategic audit of Tesco. The BCG and EFE matrix has been depicted hereunder. Question Marks Low Market Share and High market Growth Stars High Market Share and High Market Growth Dogs Low market share and Low market Growth Cash Cows High Market share and Low market Growth BCG Matrix Key External Factor Weight Rating Weighted score Opportunities 1. International Growth 2. Increase demand for non- Food 3. Ample scope within the home market 4. Positive changes in the consumption pattern 5. Increasing brand recognition 15% 13% 6% 8% 8% 4 3 2 1 3 0.60 0.39 0.12 0.8 0.24 Threat 1. Serial Acquisition 2. Rising food price in the UK 3. International and Domestic competitors 4. Economic Recession 5. Fall in the disposable income 7% 9% 12% 9% 8% 3 4 3 2 3 0.21 0.36 0.36 0.18 0.24 Poor (1) Below average (2) Above average (3) and Superior (4) Total Weighted Score 100 % 2.78 EFE Matrix From the above External Factor Evaluation (EFE) matrix, the total weighted score has been ascertained as 2.78 which signify that Tesco’s has strong external position. Internal Analysis of TESCO SWOT Analysis Strengths Tesco has been able to accomplish a modest sales growth of 7.4% during the year 2011-2012. Moreover, the profitability as well as the productivity of the company has also grown considerably due to its effective international operations. Accordingly, the trading profit of the company also grew by 1.3% and return on capital employed also rise from 12.9% in the previous year (2010-2011) to 13.3% during 2011-2012 (Tesco PLC, 2012). The other strength of Tesco is increased brand awareness that ultimately supported the company to enhance its business reputation by a greater degree and expand its business operations in different regions across the globe. It is worth mentioning that Tesco possess world’s biggest online supermarket store that significantly adds to the strength of the company. Tesco attains the support from its high committed workers that made the company a successful retail corporation in the related industry (Scribd Inc., 2012). Weaknesses In the past few years, Tesco has been able to extract modest profit from its international stores; however, still the company largely seems to be quite dependent on the UK retail market only. It has been identified in this circumstance that nearly 73.8% of the company’s revenue is derived from the UK market. At the same time, it has been perceived that the company has not been able to perform significantly in its home market i.e. UK. Moreover, the company’s strategies have not been able to address the needs of international customers properly particularly belonging to India, due to which the company is still struggling to establish a primary retail brand in India (Scribd Inc., 2012). Opportunities The growth in the profitability and sales of Tesco signifies that there exist significant opportunities for the company to further expand its business operations in other different regions. Furthermore, the expansion in the emerging markets of Asia such as in China may facilitate the company towards increasing its overall profitability (Scribd Inc., 2012). Threats The frequent breakout of the economic recessions may greatly hamper Tesco’s performance and operational capability by a considerable level. At the same time, increasing competition from local competitors may significantly impose serious threat to the company that might affect its profitability as well as productivity at large (Scribd Inc., 2012). Both TOWS and IFE matrix have been taken into concern in order to conduct a strategic audit of Tesco. SO The company should increase its market share through effectively performing more international operations and penetrating in new as well as potential business markets WO The company needs to open new stores in different locations within the UK in order to prevent the fall in the revenue derived from the UK retail market. ST The company should consistently involve in making considerable investments for enhancing its brand image through new and innovative ways WT The company strategies should also focus on capturing new and potential market and it should critically consider the strategies of its major competitors in order to fulfil its desired business targets.. TOWS Matrix Key Internal Factor weight Rating Weighted score Strengths 1. Increasing market share 2. Increasing International Revenue 3. Insurance 4. Tesco online 5. Skilled Workforce 6. Using latest technologies 15% 12% 8% 10% 8% 8% 4 3 2 3 2 3 0.60 0.36 .016 0.30 0.16 0.24 Weaknesses 1. Greater Reliance upon UK market 2. Limited internalization of the company 3. Not concentrating on brand development 12% 15% 12% 2 3 3 0.24 0.45 0.36 Poor (1) Below average (2) Above average (3) and Superior (4) Total Weighted Score 100% 2.88 IFE Matrix Similar to EFE matrix, the Internal factor Evaluation (IFE) also depicts total weighted score as 2.88 which signifies that Tesco’s internal position is much stronger than external position. After conducting the external and internal analysis of the company it can be affirmed that Tesco’s strategies over the years has been quite effective and apparently beneficial for the company. However, there are certain areas like raising brand awareness and reducing the dependence of the company on the UK retail market that need to be critically and strategically addressed for further sustaining its business operations in a profitable manner. Q. 3.) Critical Analysis of Tesco’s Strategies Successful Part of Tesco’s Strategies Tesco is regarded as one of the leading retailers in the UK. Over the years, the company has been able make dominant position in the global retail market. The company has revealed its clear focus through innovating or enhancing its broad assortment of products or services (Vasquez-Nicholson, 2011). However, it is not quite an easy task for a company to make a dominant position in the business market due to increased level of globalisation and market competition. The role of strategies undertaken by Tesco can be regarded as the vital factors that made the company to accomplish significant financial results. It is worth mentioning that effectively facing competition at the business market is crucial for sustaining business profitably. In this connection, the strategies of the company have always been directed towards enhancing its different business or operational functions for the motive of attaining predetermined business targets (Tesco, 2013). Tesco club card which is also acknowledged as loyalty card that introduced by the company has been the most effective strategy that supported the company to retain its large customer base. This strategy along with facilitating customer retention has also enabled the company to increase its profitability at large. The company has been efficient enough to meet the needs of its discriminating customers through devising along with implementing deliberate strategies that are directed towards enhancing customer service, ensuring low product prices and offering wider product choices through making constant store promotion activities. Moreover, the strategies of the company have been directed towards effective staff training and development that facilitated the company to motivate its employees for rendering improved customer services. Most importantly, the product differentiation strategy that adopted by the company has also resulted in lowering the switching costs of customers and thereby increasing the customer loyalty by a greater extent. Additionally, the energy saving equipments and devices installed by the company within its stores and premises have also helped the company in cutting down costs and minimising the wastage of resources as well as energy. Currently, the company strategies are also emphasizing on international expansion. The successful part of Tesco’s strategies can be better understood with the help of the following model of company’s strategies (Tesco, 2013). Strategic Model of Tesco Source: (Tesco, 2013) Primary Reasons behind the Success of Tesco’s Strategies As stated earlier, the major factor that underpins the success of Tesco’s strategies is that it possessed the ability to create an edge over its major market competitors. The company throughout the years has constantly been involved in strengthening its core competencies. The core competencies with respect to Tesco comprise the process of developing the key areas related with businesses that possess long term implications. Accordingly, the company has been carefully engaged in the activities relating to brand development activities that facilitated it to reach substantial portion of customers in a global context. Additionally, the introduction of training and development programs for its employees has supported the company to increase customer services and also to establish strong customer relationships. Strategies related with energy saving projects have made the company to efficiently absorb the utility costs. Notably, the company’s strategies concerning with reasonable price offering for its products has also reduced the negative consequences of economic recession and further helped the company to mitigate unfavourable economic conditions (Marr, 2009). One of the imperative reasons behind the success of Tesco’s strategies has been noted to be interacting deliberately with its chief stakeholders. The other reason behind the success of Tesco’s strategies is its formation, development as well as maintenance of effective interrelation with the suppliers and other key stakeholders. The introduction of Tesco card as a business strategy of Tesco has dramatically benefitted the company in several ways. The company has been able to retain larger customer base. Moreover, the company has able to gain customer loyalty that eventually resulted in earning greater profits from its business operations. The initiatives relating to Customer Relationship Management (CRM) that adopted as well as developed by the company can also be regarded as one of the primary reasons behind the success of Tesco’s strategies (Hristov & Reynolds, 2007.). Aspects not Successful in Strategy Implementation of Tesco According to various researches, the retail market is rapidly expanding at a tremendous pace throughout the globe. Moreover, acquisition strategies may dramatically distract the company from accomplishing its ultimate goals and visions. At the same time, international competition is going to be more intensified in the coming years. Additionally, in recent times, it has been viewed that the company’s strategies concerning UK have not been able to deliver positive results. At the same time, the company has not been able to secure itself from the competition of low-cost firms that resulted in declining market share of Tesco. Moreover, the company has not been able extract the best benefits from its strong brand image. The weak inventory turnover is another major factor that has been witnessed in the recent years that did not work well for the company (Hristov & Reynolds, 2007.). So, these are certain important aspects which reveal that Tesco is not successful in its strategy implementation by a certain extent. Primary Reasons behind the Parts of the Strategy of Tesco Being not Successful There are certain critical reasons that have been identified for the parts of the strategy that are not successful that undertook by the company. One of the major reasons behind the parts of the strategy that are not successful is the altering business environment. Moreover, the inflationary situation prevailing across the globe also dramatically reduces the effectiveness of international expansion strategy that adopted by Tesco. Furthermore, the offers and discount strategies adopted as well as implemented by other firms have been viewed to be quite influential to attract the customers towards their respective products or services as compared to the promotional strategy undertook by Tesco. In addition, hike in the prices of petrol and falling customers’ discretionary income also regarded as certain factors that made part of the strategies of Tesco unsuccessful (Grierson, 2012). Moreover, the constant acquisition made by the company in recent times has also imposed significant impact upon the company’s performances. Contextually, the acquisitions made by the company have reduced the availability of funds that ultimately limited the investments of the company in other operational segments such as promotion and development of new stores. The significant failure of IT process in the company’s retail operations is also the major factor that has acted as constrain to the business growth. Notably, the political and legal complications associated with various countries are the other crucial factors supporting the ineffective performances of the company’s strategies at large (Grierson, 2012). The evaluation of Tesco’s strategies illustrates that company has undertaken numerous policies or initiatives to sustain its business profitably. However, it has been ascertained that the company’s strategies are primarily centralized on the basis of the UK business markets. Specially mentioning, the company’s strategies towards improving its core competencies have been quite effective in the past years. Nonetheless, in recent years, the company has been threatened by serious competition particularly from low-costs firms that ultimately made sharp decline in the company’s overall market share. At the same time, the rises in the prices of food and declining disposable income have reduced the customer spending ability, thereby influencing the inventory turnover of the company by a greater extent. Additionally, one of the company’s strategies such as Tesco card club has progressively influenced the company with increased customer base and improved customer service. Precisely stating, the strategies that adopted by Tesco has moderate effect on the company’s operations and performances. Therefore, it can be argued that the strategies of the company should be more flexible enough in order to meet the need of the customers. Furthermore, the company should make additional changes in its strategies relating to branding strategies and international expansion among others for further strengthening its current position in the related industry. References A.T. Kearney, Inc. 2012. Global Retail Expansions: Keeps on Moving. Middle East. [Online] Available at: http://www.atkearney.com/documents/10192/4799f4e6-b20b-4605-9aa8-3ef451098f8a [Accessed March 04, 2013]. Clark, T., 2008. A History of Tesco: The Rise of Britains Biggest Supermarket. Telegraph Media Group Limited. [Online] Available at: http://www.telegraph.co.uk/finance/markets/2788089/A-history-of-Tesco-The-rise-of-Britains-biggest-supermarket.html [Accessed March 04, 2013]. Datamonitor, 2004. Tesco PLC. Company Profile. [Online] Available at: http://people.exeter.ac.uk/wl203/BEAM011/Materials/Lecture%204/TESCO%20Company%20Profile.pdf [Accessed March 04, 2013]. Deloitte Touche Tohmatsu, 2013. Global Powers of Retailing 2013 Retail Beyond. Retail perspectives from Deloitte, pp. 1-43. Guardian News and Media Limited, 2011. Europe Considers Plastic Bag Ban. Guardian Environment Network. [Online] Available at: http://www.guardian.co.uk/environment/2011/may/20/europe-plastic-bag-ban [Accessed March 04, 2013]. Grierson, J., 2012. Tesco loses more market share. News. [Online] Available at: http://www.independent.co.uk/news/business/news/tesco-loses-more-market-share-7675525.html [Accessed March 04, 2013]. Hristov, L. & Reynolds, J., 2007. Innovation in the UK Retail Sector. The Oxford Institute of Retail Management (OXIRM), pp. 1-78. Marr, B., 2009. Delivering Success: How Tesco is Managing, Measuring and Maximising its Performance. Advanced performance Institute, pp. 1-4. Office of Fair Trading, 1997. Competition in Retailing. Research paper 13. [Online] Available at: http://oft.gov.uk/shared_oft/reports/comp_policy/oft195.pdf [Accessed March 04, 2013]. Scribd Inc., 2012. Strategic Management of TESCO Supermarket. Documents. [Online] Available at: http://www.scribd.com/doc/29932770/Strategic-Management-of-TESCO-Supermarket [Accessed March 04, 2013]. Tesco PLC, 2011. Creating Value For Customers Across All Our Businesses. Annual Report And Financial Statements 2011. [Online] Available at: http://www.tescoplc.com/media/417/tesco_annual_report_2011.pdf [Accessed March 04, 2013]. Tesco PLC, 2012. Annual Review and Summary Financial Statement 2012. Performance Review. [Online] Available at: http://www.tescoplc.com/files/reports/ar2012/files/pdf/tesco_annual_review_2012.pdf [Accessed March 04, 2013]. Toshiyuki, M. & Mitsuru, S., No Date. Measurement of the Consumer Benefit of Competitionin Retail Outlets. The Research Institute of Economy, Trade and Industry, pp. 1-31. Tesco, 2013. Our Strategy. About Us. [Online] Available at: http://www.tescoplc.com/index.asp?pageid=12 [Accessed March 04, 2013]. Vasquez-Nicholson, J., 2011. United Kingdom Retail Food 2010. Foreign Agriculture Service, pp. 1-13. Wilson, L. H., 2001. Retail Industry Study. Business & Research Services, pp. 1-13. Appendices Fig 1: Global Retail Development Index (GRDI) Opportunity Analysis Source: (A.T. Kearney, Inc. 2012.) Fig 2: Top 10 Retailers Worldwide Source: (Deloitte Touche Tohmatsu, 2013) Fig3: Sales Growth and Profitability by Region/Country Source: (Deloitte Touche Tohmatsu, 2013) Read More