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News Release

London

JLL’s head of Retail comments on Tesco’s new Chief Executive appointment


London, 21st  July 2014 – Commenting on the departure of Philip Clarke from his role as Chief Executive at Tesco, Tim Vallance Head of Retail at JLL said: “The decision to hire a Chief Executive from outside the retail world is a bold but necessary move for Tesco. It’s encouraging that Dave Lewis has been chosen for his expertise in change management, customer development and brand management and signals that Tesco is ready for a culture change. The question remains as to whether this has been left too late. The rise of discount retailers and the increasingly virtual world of retailing means that brand is no longer king and customers are particularly promiscuous when it comes to filling their grocery basket. Analysts have often blamed the size of Tesco for its lack of agility in a quickly changing market. However, French grocer, Carrefour, the third largest retailer in the World by profit, reported an increase in sales of 4.9 per cent in Q2 2014, showing that there is resilience in the food hypermarket sector and strong leadership still works.”​