Tesco profits down, chairman set to quit!

Tesco Profits down, Chairman set to quit!

Tesco have reported a surge in profits, its reported a 92pc fall in pre-tax profits. The retail giants profit surge is thought to be at around £263m and much larger than the initial forecast of £250m.

Chairman Sir Richard Broadbent has announced that he will stand down once the newly appointed chief executive Dave Lewis is established, Its thought it will be some time next year.

It begs the question, why is Tesco suffering?

lately it seems that the situation for Tesco is going from bad to worse. Tesco are losing their custom to competitive retailers and people are not connecting with the brand in the way that they used to. 

Retail giants such as Asda, Sainsbury's, and Waitrose have always been a competitive source for the brand but lets not forget that they are all in competition with each other also, so why is Tesco struggling the most?

It could be that newer brands such as Aldi and Lidl are now very credible game players, over the last few years these smaller brands have grew and are continuing to grow, people are using these supermarkets more so now than ever before and the big reason being, it must be cheaper. 

Its no secret that people have suffered hard times in this country over the last few years, household incomes are now much less now than what they once were. Weekly Grocery shopping is a big expense for many families and at a time were people are cutting back and trying to save the pennies we aim to get more for what little we have. If that means that we can get cheaper food elsewhere whilst retaining quality, then so be it!

Now Tesco.... Word of advice, listen to the consumer......!!

Speaking of which, I've recently been in contact Tesco myself, I have a great marketing strategy for supermarkets. Tesco as you are aware I reached out to you first of all mainly because its obvious you are need of some drastic change. This idea may make a difference if only you could be bothered to look at it?

I'm a consumer but I don't shop at Tesco, But if you were to use my idea, I 100% would, and after running it by many of my friends and family who also prefer other brands to Tesco, they all concluded that they would shop there too, hence my reason for approaching you!

But because I'm not a university graduate with a degree in marketing, I suspect you feel I'm not qualified to approach major brands with new ideas. If that's the case, its a shame because no doubt you pay your employers (within this field) vast amounts of money to do this job, yet what they are doing to help promote business, is obviously failing!

The balls in your court!