Tesco Apology

The challenges faced by the processed food industry are being extensively covered elsewhere. Reputations of major supermarkets have been challenged (they are supposed to be our trusted purveyors of food and they ought to ensure that we get what we think we are buying).

Food brands have been caught out and will suffer – news last night was that frozen burger sales are 40% down.

The apology by Tesco last month was swift and decisive.

Full-page ads in newspapers, and posters by checkouts. Many of the hallmarks of an effective corporate apology were followed:

  • swift action to acknowledge of the problem
  • plan to do something about it
  • commitment to keep people aware of developments
  • avoid any attempt to ‘spin’ into a sales message

Compare this with some of the banks’ recent travails – in the case of Goldman Sachs this embarrassing climbdown on bonus payments.

Terry Leahy, the ex CEO of Tesco, left a legacy which still runs strong. Here on BBC Desert Island Disks he talks about his straightforward approach to building one of the UK’s most successful businesses.

Third Largest Retailer in the World

Third Largest Retailer in the World

Somebody give him a bank to run.

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