Find in the news:
BY COUNTRY

Tesco announces supermarket closures



Life has not been good for supermarket giant Tesco.

Company spokesperson revealed that Britain’s largest supermarket chain had posted its worst quarter sales of the year. Losses were not isolated to just UK stores. Tesco reported that overseas markets fared badly too. The only profit was shown in their gasoline sales. Sales were forecast to drop 2% due to the declining European economy and they actually dropped nearly 3%. 

Chief executive Philip Clarke, admitted: "Clearly Christmas was disappointing for us." All Tesco business did not show the same drop as their grocery department bricks-and-mortar branches. Besides petrol, Tesco also saw an increase in online and convenience stores.

Some have criticized Tesco’s move to cut out such less profitable areas as electrical goods. Others point to changes in customer buying habits. Critics say Tesco has failed to keep up with shifting client trends. One said Tesco was “the worst department store in the country.”

The latest casualty is the Tesco store in Glengomley, Belfast. The reason for  the store closing which threw twenty-eight employees out of work was cited as competition from German discount stores, Lidl and Aldi. When analysts criticized Tesco’s 2.5% inflation on food, Clarke responded that Tesco was limiting price increases to below inflation. With the latest losses, Tesco shares fell almost 2%

Financial analysts are predicting that the supermarket giant will still show an annual profit of between £3.16bn and £3.42bn. Tesco financial director, Laurie McIlwee, admitted that Tesco’s optimistic outlook as a little too rosy given grocery performance weaknesses across the UK. Tesco invested over £1bn in a two-year plan to complete store renovations, add staff, broaden product lines, and cut prices so they are more competitive with discount chains.

Despite the less-than-hoped-for financial picture revamps, more staff, new product ranges and price cuts. Tesco’s chief executive, Philip Clarke, insists that the company is doing all the right things to respond to consumers’ changing shopping habits. “People are shopping more locally, shopping online more and shopping a little more often," he notes. Plans to deal with disappointing profits include a ten-year plan to decrease retail space in a hundred stores. The plan also involves wooing parallel businesses and children’s activity facilities to take up the space. Mike Dennis, an analyst at Cantor, noted that Tesco’s latest campaign  to bolster sales which included price matching used by such retail giants as Wal-Mart seem not to have worked.



More about shopping malls in the USA



Dec 7, 2017, China:
Starbucks Reserve Roastery in Shanghai is the first fully immersive coffee experience in Asia.
Dec 6, 2017, United Kingdom:
A proposed £3.4 billion merger is set to create one of the UK’s biggest property companies.
Dec 6, 2017, USA:
80,000 sqft resort-like Life Time Athletic healthy lifestyle and entertainment destination to be built in Phoenix.
Dec 6, 2017, United Kingdom:
Designer Outlet Cannock will comprise over 26,500 sqm of GLA and over 80 stores.
Dec 5, 2017, Poland:
EPP becomes the leading shopping center landlord with €692.1 mln acquisition.
Dec 5, 2017, USA:
Four-Story, 80,000-Square-Foot Compound Reflects RH’s Quest to Revolutionize Physical Retailing.
Friend
and Follow
Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
Mall of Qatar GLA:1 743 753 SF
Qatar . Doha
Mall of Qatar
Asheville Outlets GLA:325 000 SF
ADDRESS: 800 Brevard Road, Asheville, NC 28806
USA . Asheville
Asheville Outlets
212 Istanbul Power Outlet GLA:753 474 SF
ADDRESS: Mahmutbey Merkez Mah. Taşocağı Cad. No:5 Bağcılar  /  İstanbul
Turkey . Istanbul
212 Istanbul Power Outlet


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us