April 22, 2005 Unloved but unstoppable?Organisation: Tesco profits
Analysis and commentary by Echo Research. Tesco's £2bn profits announcement revealed a strong media backlash against the retail giant and its impact on the High Street, the environment, the Third World and suppliers. Sentiments such as "Time to tame Tesco"(thisismoney.co.uk), "Every little helps on the road to crushing your retail rivals"(The Times, 12/4) and "The supermarket that ate Britain"(Independent, 12/4) firmly took the gloss off Tesco's record profits / jobs creation / international expansion news. Qualified support was found in places: "isn't their energy and flair an example to the rest of Britain a cause for pride, not constant sniping?"(eveningtimes.co.uk, 15/4), and the Scotsman bemoaned "the general indifference to Tesco's job creation and … grudging recognition of its success"(17/4). Tesco confessed that it was
"extremely sensitive to accusations that it is too powerful"(Telegraph, 13/4), in a measured approach led by Sir Terry Leahy, but he dismissed the anti-Tesco sentiment as a story largely got up by the media, pointing as proof to burgeoning customer numbers, his most important constituency.
"Unloved but unstoppable"concluded the Guardian (16/4). With media sentiment largely against him and his retail empire, Sir Terry may do well to heed The Independent's advice to
"tread warily from here on in"(13/4).
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