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
I wonder what Sir Terry Leahy, former chief executive of Tesco, makes of the fanfare about rival UK retailer Marks and Spencer launching a bank with HSBC. According to Marc Bolland, M&S boss, the rationale for putting 50 bank branches inside its stores goes as follows:
This bank will be built on M&S values; putting the customer at the heart of the proposition and delivering the exceptional service that sets us apart from the competition.
I asked Sir Terry Leahy to bring to his video interview with me this week – his last as Tesco’s chief executive – an object or picture that represented a “personal turning point” for him. My heart dropped when word came back from the supermarket chain’s HQ that he’d be bringing a Clubcard.
Sure, this sliver of plastic tells the retail group more about shoppers’ preferences and habits than any opinion poll ever could. But we know what the discount-voucher card tells Leahy about us; would it tell us anything about Leahy? Read more
John Gapper is an associate editor and the chief business commentator of the FT.
He has worked for the FT since 1987, covering labour relations, banking and the media. He is co-author, with Nicholas Denton, of 'All That Glitters', an account of the collapse of Barings in 1995.
Andrew Hill is an associate editor and the management editor of the FT. He is a former City editor, financial editor, comment and analysis editor, New York bureau chief, foreign news editor and correspondent in Brussels and Milan.