Tesco Cuts 4,500 Jobs, Struggles to Keep up in Competitive Market
GREAT BRITAIN - Britain’s largest retailer, Tesco, is experiencing a bout of the grocery blues. According to a statement recently released by the supermarket chain, Tesco will be cutting 4,500 jobs across 153 of its Tesco Metro supermarkets. The cuts are part of the retailer’s plans to cut 9,000 jobs, announced earlier this year.
“In a challenging, evolving retail environment, with increasing cost pressures, we have to continue to review the way we run our stores to ensure we reflect the way our customers are shopping and do so in the most efficient way,” stated Jason Tarry, CEO of Tesco UK & ROI. “We do not take any decision which impacts colleagues lightly, but have to make sure we remain relevant for customers and operate a sustainable business now and in the future.”
The statement went on to explain the shifting retail environment that spurred on the move, describing it as challenging and increasingly competitive. Tesco also noted that it will be changing up its Metro format, which was originally designed for larger shopping hauls. Once 70 percent of shoppers started treating them as convenience stores, it knew it needed to simplify the way it ran the Metro markets.
Tesco explained that one of its top priorities in the wake of these job cuts is to help its employees find jobs elsewhere.
For more on what’s happening on the grocery front, keep reading AndNowUKnow.