We're about two years into the Tesco experiment in the U.S. The company is now saying that it took the wrong approach in trying to break in. We reported pretty early on that some had doubts on Tesco's model. This was confirmed about a year ago. So now what happens in this little experiment?
Britain's biggest retailer Tesco PLC got its approach wrong to launching in the United States and it may make big changes to the stores, the head of the operation said on Sunday.
Tim Mason, the head of Tesco's U.S. business, was quoted in the Sunday Times as saying its early market research was mistaken.
"We may have assumed that certain elements of the Fresh & Easy brand would do the work for us and we would not have to go down and dirty on price," he said. "That may have been a mistake."