TESCO is considering plans to open stores dedicated to its posh “Finest” food range in a bid to take on M&S.
The news comes just months after Tesco opened its discount chain called Jack’s to fight off competition from discounters Aldi and Lidl.
1 Tesco may open new stores dedicated to its posh “Finest” food rangeCredit: Alamy
The supermarket revealed the idea in a presentation to investors at its Hertfordshire headquarters yesterday.
An illustration of the concept showed a branded store selling its premium product range that also included a café with indoor and outdoor seating.
If it goes ahead with the plans, it would see the UK’s largest grocer go head-to-head with posher rival M&S, which has 700 Simply Food Stores.
The outlets are known for their wide range of ready meals and sandwiches.
Recently, M&S has slowed the rate of expansion of Simply Food outlets to instead open more larger food stores where its full product range can be sold.
The retailer has also announced it’s about to close 35 more stores after suffering a 10 per cent drop in annual profits.
Tesco launched its Finest line just over two decades ago, and it has since grown to include around 900 products and is now one of the largest food brands in the UK, according to the supermarket.
During the presentation, Tesco also revealed it’s testing a delivery robot which will allow customers to place an order through an app on their smartphones.
The popular Clubcard loyalty scheme, which has more than 19million members, could also be expanded into a subscription product offering price discounts in stores as well as points.
Dave Lewis, chief executive of Tesco, said today: “We think there are many ways we can evolve our business going forward.
“Not everything that we shared yesterday will indeed happen.
“We didn’t give any specifics or timings, but it was important for us to give investors a better understanding of our thinking.”
Tesco declined to comment further when contacted by The Sun.
TOY JOY Argos has launched a HUGE toy clearance sale on Hatchimals and LOL Surprise ‘BREATHING SPACE’ Households in debt to get 60-day buffer from bailiffs — and prosecution DAY AND KNIGHT How to get two free tickets to Warwick Castle worth over £55 with Sun Savers FEELING LUCKY Your paper could be worth £50,000! TRIP TO THE FLICKS How to get two FREE cinema tickets with Sun Savers and ODEON SWITCHED OFF Furious viewers cancel TV licences in protest at BBC fee for over-75s
Earlier this year, Tesco announced it’s planning to cut 9,000 jobs and close fish, meat and deli counters in 90 stores.
It also gave Clubcard members up to 50 per cent off as part of a special loyalty card bonanza to celebrate 100 years since it opened the doors of its first store.
And just last month, it cut its click and collect minimum spend down to £25 from £40.
Shocking photos reveal mountain of plastic packaging from Tesco, M&S and Essex council in Malaysian jungle
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at firstname.lastname@example.org