Tesco chief executive Philip Clarke said his company must accelerate its strategy to contend with 'seismic' changes in the retail sector.
Speaking at an industry conference yesterday, he said he was confident that Tesco would be a leader in the multichannel world even though the current changes are 'painful'.
'This is the multichannel chapter. When we look back, we will see that the company changed to reflect the new world order. It will be painful, but it’s the right thing to do,' he said.
Clarke was speaking the day before a massive strategic overhaul was announced by Morrisons. Last month Tesco boss said it would accelerate its turnaround strategy and spend £1.5 billion to refurbish its 3,000 stores by 2017. Tesco has also cut the price of grocery basics such as carrots and milk sparking what some say might be the start of a price war.
Clarke said Tesco 'has to take the lead in reshaping the industry again” on the digital revolution and multichannel retailing.
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