January marks two years since the post-Christmas profits warning that told the world new Tesco boss Philip Clarke had it all to do.
He’s been doing the right things ever since: filling out its cavernous stores with coffee shops and restaurants, sharpening the online offering and getting out of troublesome overseas ventures.
Yet the big question remains: what will it take to turn around Tesco? Trading is going backwards in every market. In Britain, where Clarke has staked his reputation on fixing operations, the middle ground is shrinking, with discounters such as Aldi and Marks & Spencer’s upmarket treats nibbling away from both ends of the market.
The recent intervention from Tesco chairman Sir Richard Broadbent was designed to set the tone for a tough Christmas but also gave the impression this is a retailer still trying to regain its touch. Rivals would kill for its giant market share, but what would Clarke give for some of what they have — momentum?
