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The Bradford-based chain is forecast to show like-for-like sales up about two per cent, but sales in Safeway stores yet to be converted to the Morrison's format are down by double-digit percentages (Palmer, 2010).
Tesco also is benefiting from its continued push into banking. The group's financial operation, Tesco Personal Finance, has prospered from the economic crisis as British consumers pull their money out of the country's troubled banks. Since last fall, the unit has seen a near-doubling of savings balances, to $6.6 billion, as of the end of February. Tesco, which bought out former partner Royal Bank of Scotland (RBS) last December, plans to open 30 bank branches in its stores by the end of this year. Leahy seemed to confirm Tesco's ambitions to push more aggressively into full-service banking. "We believe that we've got a good opportunity to grow that business with the Tesco customer base, and we can have a bigger, better banking business," he said (Metzger, 2006).
Still, discounting is taking a toll on Tesco's profit growth. The 5.5% uptick reported on Apr. 21 was the slowest in 15 years -- and far less than the 11.8% posted a year earlier. At the same time, Tesco is feeling increased pressure from rival British chains Wm. Morrison (MRW.L) and Sainsbury (SBRY.L), which saw full-year sales rise 7.9%...
growth of just 4.3% in Tesco's like-for-like British sales. That's one reason Tesco, which already operates in 14 countries around the world, is pinning so much hope on success in the U.S. Since opening its first Fresh & Easy outlet in Los Angeles in November 2007, Tesco has unveiled 115 more in three main areas: Southern California, Las Vegas, and Phoenix. But that's a lot fewer than it once hoped. The company now says it's aiming for 200 stores by November of this year -- 50 fewer and almost a year later than originally planned (Palmer, 2010).
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Finch, P. (2004). Supply chain risk management, Supply Chain Management:. An International Journal, 9(2), 183-196.
Ireland, R.D. (2011). The Management of Strategy Concepts and Cases (9ed.). Canada: South-Western.
Lewis, R.I. (2006). Project Management. New York McGraw-Hill.
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