Tesco 2011 Annual Report Download - page 9

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We will be a modern and innovative company. We’ll stay ahead
of the curve, anticipating changes and adapting for the sake of our
customers and staff.
We are, and we will remain a growth company. We will continue to
pursue growth in all parts of the business – in the UK, internationally,
in services and across general merchandise, clothing and electricals.
More detail on our new vision can be found on pages 6 to 13.
To put this vision into practice, our strategy is evolving – with a slight
change in emphasis which builds on the success of our previous
five-part strategy that has served us so well over the past 14 years.
So our strategy will now have seven parts. Much of it will be familiar
but with some important new additions around being a multi-channel
retailer, creating highly valued brands and building our team:
• To grow the UK core
• To be an outstanding international retailer in stores
and online
• To be as strong in everything we sell as we are in food
• To grow retail services in all our markets
• To put our responsibilities to the communities we serve
at the heart of what we do
• To be a creator of highly valued brands
• To build our team so that we create more value
More details on our strategy can be found on page 14.
Management structures
We’ve made some changes to our management structures in order
to equip the business to deliver our strategy and vision. This means
CEOs for each of our main areas of focus – the UK, Asia, Services
including Tesco Bank, Europe and the US – being supported by the
integrating functions such as IT and Finance to leverage the skill and
scale of the Group.
The biggest part of this change was in the UK, which now has its own
CEO and management board for the first time. This will bring more
focus and energy to our largest business. Of course, structures don’t
manage companies, people do and I’m confident that at all levels we
have the very best team working hard to deliver the best shopping trip
for our customers.
I have inherited a great legacy and I am really excited about the future.
In the end of course, we know it’s all about performance; that’s what
matters and that’s what we aim to deliver.
Philip Clarke
Group Chief Executive
TESCO PLC Annual Report and Financial Statements 2011
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5
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