Business Strategy

From: Subject: Business Strategy Date: Sat, 13 Apr 2002 12:20:09 +0200 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_0000_01C1E2E5.8DDACF00"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2600.0000 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C1E2E5.8DDACF00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://62.169.137.181/tesco/newinvestor/companyinfo/busstrategy.html Business Strategy

	Business Strategy

There = are four=20 parts to the Tesco Strategy=20

1. Core UK=20 business
Tesco continue to increase market share = through=20 our policy of getting cheaper, offering better value and = providing=20 more choice and convenience for our customers.

2. Non-food=20 business
Tesco currently has over a 4% market = share of a=20 market worth =A375bn in the UK, where our goal is to be as = strong in=20 non-food as in food. Our non-food offer now encompasses = electrical,=20 home entertainment, homeshop, cookshop and even white goods = and=20 furniture in our largest stores.

3. Retailing = services
As=20 customers' shopping habits change we change and respond by = providing=20 new products and services. Our e-commerce business has grown = rapidly. We are the worlds largest grocery e-tailer. Both = tesco.com=20 and Tesco Personal Finance demonstrate the ability to extend = the=20 Tesco brand. Tesco Personal Finance continues to grow and = develop=20 excellent products offering value and choice

4. = International
Tesco=20 has been successful in opening up new growth markets in = Central=20 Europe and Asia. The proportion of total Group space outside = of the=20 UK grew to 38% at our half year. We now operate in Hungary, = Poland,=20 Czech Republic, Slovak Republic, Thailand, South Korea, = Taiwan and=20 the Republic of Ireland. In December we announced of our = intention=20 to develop hypermakets in Malaysia where our first store = will open=20 in 2002.

Tesco Purpose & Values

Our Core Purpose is all about customers. =

"To create value for our customers, to = earn their=20 lifetime loyalty".

This statement is = at the=20 centre of all we do.

Our two=20 values drive the whole way we = do=20 business.

No one tries harder for customers:

Understand customers better = than=20 anyone=20
Be energetic, be innovative and = be first=20 for customers=20
Use our strengths to deliver = unbeatable=20 values to our customers=20
Look after our people so they = can look=20 after our customers

Treat people how we like to be=20 treated:

All retailers, there's one team = =85 The=20 Tesco Team=20
Trust and respect each = other=20
Strive to do our very = best=20
Give support to each other and = praise=20 more than criticise=20
Ask more than tell and share = knowledge so=20 that it can be used=20
Enjoy work, celebrate success = and learn=20 from experience

UK Stores

Tesco has 702 stores and is the largest = food=20 retailer in the United Kingdom.

Tesco operates 4 store formats in the = United=20 Kingdom.

Store formats at August 2001=20

	No of Stores	,000 sq ft	% of Total Space

Extras	29	2.0	11%

Superstores	450	13.9	76%

Metro/High Street	167	2.2	12%

Express	56	0.1	1%

Total	702	18.2	100%

UK Market Share

Our share of the UK market has = grown=20 steadily since the early nineties as a result of our = customer=20 focused strategy: our market share is now 16.2%.

This is how we compare with = our=20 competitors (based on IGD data)

In total = Tesco has 923=20 stores in ten countries.

As of August 2001 Tesco had = the=20 following stores.

Hungary	44
Poland	42
Czech Republic	12
Slovak Republic	10

TOTAL Central=20 Europe	108

Republic of = Ireland	77
France	1

TOTAL=20 Europe	186

Thailand	27
Taiwan	1
South Korea	7

TOTAL Asia	35

TOTAL=20 International	221

Employees

Tesco employs over 250,000 people = worldwide. Full and part time UK employees have = harmonised=20 benefits, competitive salaries, discount on Tesco = purchases,=20 pensions, profit share and Save and Buy As You Earn = schemes.=20

Community & Charity=20 Involvement

Computers for=20 Schools goes from strength to strength and is in its = 11th=20 consecutive year. To date, over =A370m worth of PC's = and=20 computer related equipment have been donated to over = 20,000=20 schools in local communities around our stores. For = more=20 information on this area visit our Corporate Social=20 Responsibility website.

In 2001, the Alzheimer's Society = and=20 Alzheimer Scotland were Tesco Charities of the year. = As the=20 year closes, Cystic Fibrosis will take over as Tesco = Charity=20 of the year in 2002. Additionally, Tesco will become = national=20 sponsor for Race for Life, a series of 5km races for = women to=20 raise funds for the Imperial Cancer Research Fund. =

Price=20 Position

We have continued to bring = value to our=20 customers and have now established a competitive price = position against all of our competitors. In the last 5 = years=20 we have invested over =A31.2 billion in price, making = prices=20 12.5% cheaper than they were 5 years ago.

Product = Offer

Typically Tesco sells 40,000 food = products in a=20 superstore, as well as clothing and other non-food = lines.=20 Tesco sells branded products and own brand = products.Our own=20 label products are at three levels, Value normal and = Finest=20 products. Own brand accounts for approximately 50% of = sales.=20 In 2000/01 we introduced over 8,000 new food and = non-food=20 lines.

Tesco Petrol

Tesco is one of Britains largest=20 independent retailers, with over 340 petrol stations,=20 including Express sites and sells one in every 8 = gallons=20 (12.5%) of petrol sold in the UK. Within the next 2 = years=20 Tesco/Esso will complete its role out of more than 150 = Tesco=20 Express stores.

Tesco was the first petrol = retailer to=20 introduce low benzene unleaded petrol in line with the = Royal=20 Commission on environmental pollution.

Tesco Personal=20 Finance

Tesco = Personal=20 Finance (TPF) was launched in July 1997 and is a joint = venture=20 with Royal Bank of Scotland. Products include Clubcard = Plus, a=20 grocery budgeting account. A Tesco Visa Card was = launched in=20 July 1997, Tesco Instant Access Savings Account in = September=20 1997, Home Insurance in April 1998, Loans in May 1998, = Pensions in June 1998, Travel Insurance in July 1998, = ISAs in=20 April 1999, Pet Insurance in October 1999 and = mortgages in=20 June 2000. The joint venture has over 1 million = customer=20 credit cards and 2.5m customer accounts.

Tesco.com

Tesco is the largest grocery = homeshopping=20 business in the world. Annualised sales are =A3300m = and we now=20 cover 94% of the UK population. We already have = homeshopping=20 in the Republic of Ireland and will soon be live in = South=20 Korea. In June we announced our plans to take the = Tesco=20 grocery homeshopping model to the USA through a = partnership=20 with Safeway Inc, and in January homeshopping the = Tesco model=20 was launched in Portland Oregon.

Tesco.com also offers online = shopping=20 for electrical, books, home entertainment and wine = delivered=20 direct to your door. =

=20

IR=20 Contact l Disclaimer l Last= =20 updated

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