There is no need to ask who will be to blame if and when Tesco’s US adventure is brought to an end. Sir Terry Leahy, ex-chief executive of the UK retailer, has already admitted it will be him.
The Fresh & Easy venture comes under “Courage” in Sir Terry’s book Management in 10 Words, published earlier this year. In the book, he called the investment in the new brand “a calculated risk” and pointed out that “even if the entire investment ultimately had to be written off, it would not threaten Tesco’s underlying viability”.
He reiterated that he was “certain that Fresh & Easy [would] be a success”, well-placed to benefit from economic tailwinds “thanks largely to the courageous people who stepped forward to turn an ambition into a reality”. Read more