It is of little surprise to me that Tesco overstated its profits by £263 million. It is an absolute disgrace, with eight members of staff suspended and the chief executive Philip Clarke resigning.
Yet he will leave with a huge pay-off. Yet again we see big businesses rewarding failure, just like the banks.
For too long Tesco has dominated the grocery market, making profit a priority over customer service – in my experience – and now it is paying the price with falling sales.
Customers are now much more concerned with experience than just price and Tesco has failed to pick up on this.
As an ex-Tesco shopper myself I found my local store like a cold warehouse with zero atmosphere, surly staff, and an inadequate number of check-out areas open.