Ask Tesco Plc Chief Executive Officer Philip Clarke how he plans to stop budget food stores from taking more of his customers and he’ll talk about Amazon.com Inc. and Apple Inc. instead.
Rather than battle retailers like Aldi on price, Clarke is modelling Tesco on the tech giants, building a digital one-stop shop centered around its Hudl tablet that includes everything from movies to banking. A smart phone will join the stable later this year. The aim? Lock in customers by incentivizing them with loyalty points to buy everything from mortgages to grapes from the Cheshunt, England-based retailer.