Why did the UK fall out of love with Tesco? It is good to be reminded.
On desert island disks today, Terry Leahy, ex Tesco Chief, argued that the closure of local shops across the UK represents progress.
In 1984, Tesco announced that it could not see itself opening a shop in the high street “ever again”. It got it wrong on convenience stores, even if right on other things, so I wouldn’t bet against the colour, life and resilience of independent, local stores on Terry Leahy’s say-so.
We have anyway been doing some work on the re-spending from locally-owned stores in the local economy, based on a case study of the Lincolnshire Co-operative Society. For release later this month. One finding I take out of it? For all their retail success, the quickest way to kill a local economy, high street and all, can be to bring in a chain like…. Tesco.