By Marcus Leach
Tesco chief executive Phillip Clarke has confirmed that the company will invest £1 billion in its UK business this year in an attempt to revive its flagging domestic operation.
Recognising that sales had fallen, and subsequently profits, in their UK operation Tesco will accelerate the revamp of UK stores and promises to hire more staff.
"Whilst our International business is delivering excellent growth, contributing £1.1 billion of profit to the Group, we fully recognise that we need to raise our game in the UK," Clarke said.
"As a result, we are committing over £1 billion to make the UK shopping trip better for customers: more staff giving improved service in-store; refreshed stores that are better and easier places to shop; lower prices and even more value from an improved product range. As we improve the shopping trip for our customers, it will follow that our sales growth and financial performance will improve too."
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