At a glance
Tesco recovered from a record £6.4 billion loss in 2014/15 to a £1.7 billion profit in 2018/19. New CEO Dave Lewis explains his approach which started with “brutal objectivity” in analysing the challenges the retailer faced, from changed shopping habits to brand architecture to its neglected loyalty scheme. Rational factors were addressed first before attempting to rebuild an emotional connection with shoppers.
Why it matters
Brands can learn from his experience, says Lewis. A dispassionate examination of the challenges faced and the underlying reasons allows you to construct a strategy that has a much better chance of success.
- Be totally objective in your analysis in order to assess your next move.
- Set goals with a timescale for achieving them.
- Move quickly when decisions are made.