Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Private Label

Britain's Tesco Says No Timetable For 'Finest' Store Launch

Tesco, Britain's biggest retailer, said it is considering trialing an upmarket convenience store under the 'Tesco finest' banner but has not disclosed when a pilot would start.

On Tuesday Tesco hosted a Capital Markets Day (CMD) for analysts and investors at which it presented a slide flagging an opportunity for a 'Tesco finest' store concept with a 7% operating margin - significantly ahead of the group wide target of 3.5% to 4%.

The 'finest' range of grocery products is Tesco's most expensive.

'Upmarket Customers'

"'Tesco finest' as a brand is one of the largest food brands in the country. We have a very high percentage of more upmarket customers," chief executive Dave Lewis told reporters on Wednesday.

"The opportunity to curate that range and bring new things in a more convenient outlet is something that we have tested, is something we're interested in."

But Lewis said Tesco is "Not at a place where we are saying we're going to open this shop or this many shops."

'Possible Growth Opportunities'

The CEO said the point of the CMD was to share with investors a number of possible growth opportunities Tesco is actively looking at without giving specific details on timing.

"No dates for any of the initiatives were given yesterday," he said.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days