The world’s second largest retailer after Walmart has seen its profit fall four years running because of rising operating costs at a time it is having to fend off rivals like discount grocers and specialty stores like Whiterose eating away at its dominance. That has sent it tumbling 10 spots to #72 on the Global 500. British grocer Tesco is also duking it out with Walmart’s U.K. Asda chain and its well developed delivery service. Tesco shares have taken a beating on fears the $70 billion a year chain is falling irretrievably behind: one analyst even suggested recently Tesco needs to close as much as 30% of its space to make a go of it.
News about Tesco
Through a global alliance that will apply to the joint purchasing of own-brand products, services, and other goods.
Too many people are throwing away perfectly good food.
More than 1,000 Tesco staff members have reportedly contacted law firm Leigh Day.
To bump its U.S. store base to 2,500 by 2022.
The retailer will also take a one-off charge of $295 million and pay compensation to some investors.