June 19, 2019 / 10:43 AM / a month ago

Britain's Tesco says no timetable for 'finest' store launch

LONDON, June 19 (Reuters) - Tesco, Britain’s biggest retailer, said it is considering trialing an upmarket convenience store under the ‘Tesco finest’ banner but has not disclosed when a pilot would start.

On Tuesday Tesco hosted a Capital Markets Day (CMD) for analysts and investors at which it presented a slide flagging an opportunity for a ‘Tesco finest’ store concept with a 7% operating margin - significantly ahead of the group wide target of 3.5% to 4%.

The ‘finest’ range of grocery products is Tesco’s most expensive.

“‘Tesco finest’ as a brand is one of the largest food brands in the country. We have a very high percentage of more upmarket customers,” Chief Executive Dave Lewis told reporters on Wednesday.

“The opportunity to curate that range and bring new things in a more convenient outlet is something that we have tested, is something we’re interested in.”

But Lewis said Tesco is: “Not at a place where we are saying we’re going to open this shop or this many shops.”

The CEO said the point of the CMD was to share with investors a number of possible growth opportunities Tesco is actively looking at without giving specific details on timing.

“No dates for any of the initiatives were given yesterday,” he said. (Reporting by James Davey; editing by Costas Pitas)

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