OPINION: What would you do if you were Tesco’s CEO?

Tesco has reported their second consecutive Q3 sales decline and have stated that the 6 weeks, which included Christmas showed signs of improvement.

Sounds like they are making some progress on sales, but the really interesting part of the announcement is the actions that new CEO, Dave Lewis and his team are taking to change the company’s profit trajectory. The four key actions that independent retailers should particularly take on board in their own businesses are:

1. Put (and keep) your customers at the centre of what you do.
2. Reduce your operating costs.
3. Get out of the parts of your business that are not producing an adequate profit.
4. Reward your staff with a success bonus.

The Better Retailing team will be looking at these action points in more detail throughout the year. What have you learnt from Tesco’s statement?