The supermarket giant’s tech product range is part of a wider turnaround strategy implemented around two years ago by the firm’s Chief Executive, Philip Clarke. The core supermarket business had suffered against a backdrop of a lack of investment, whilst competitors have been eating into its dominant market share.
Mr Clarke vowed to win back shoppers with millions of pounds of price cuts, after the store posted a second year of falling profits in April. Full-year group trading profit fell 6 per cent in Tesco’s last financial year to £3.3 billion with its market share standing at a 10-year low of 28.6 per cent. The supermarket’s focus on securing growth, in addition to tech-based product lines – has result in a return to the United States with its F&F clothing business.