Tesco Failing to Reverse 22% Decline Promises More Fresh
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A year since succeeding Terry Leahy as chief executive officer of Tesco Plc, Philip Clarke has few reasons to celebrate.
Clarke’s anniversary this week coincided with the U.K. retailer’s dominant share of the 151 billion-pound ($241 billion) grocery market slumping to a seven-year low as competitors win business with a focus on quality and innovation. Some shoppers are heading upscale to such premium chains as Waitrose Ltd., while others are seeking savings at discounters such as Aldi and Lidl, according to a report from London-based researcher Kantar Worldpanel.