Former Tesco boss Sir Terry Leahy has said that the UK’s largest retailer has lost touch with its core customers and loyal shoppers.
According to Retail Week, Leahy, who was at the helm of the grocer from 1997 until 2011, said that in recent years Tesco has “focused too much on what it isn’t rather than remembering what it is and working with that”.
Leahy made the comments on a conference call arranged by Bank of America Merrill Lynch for its City clients, according to The Sunday Times.
Leahy added: “What it is, is a very big brand in the centre of the market, and clearly if you’re weak in the centre you can get attacked from all sides. But if you’re strong in the centre and doing what you do well, it’s a good place to be – you can attract customers from all parts of the market.”
He added that Tesco could see improvements soon. “It’s very responsive to the right leadership and the right marketing strategy,” he said.