UK: Tesco’s chief executive Dave Lewis has revealed in an investors meeting the outlined future steps for the supermarket chain following loss of profits. The plans include the opening of high-end Tesco Finest stores, low-budget discount stores called Jacks, and a huge increase of vegan products from 32 to 300 lines.
After Tesco held the investor day outlining its future direction this week, shares in the supermarket increased by almost 4% indicating that the plans were received favourably.
The Guardian reports that one area of focus for the future is vegan offerings: “Tesco is also to introduce a plant-based ready meals brand called Plant Chef as part of a plan to expand its vegan-friendly product range to up to 300 different items from the 32 it currently sells under the Wicked Kitchen brand.”
The Wicked Kitchen brand, which is headed by vegan chef Derek Sarno exclusively for Tesco, has sold around 900 units since its launch last year and is now reportedly a £26m brand in and of itself. The new brand Plant Chef will be introduced in the near future as part of Tesco’s mission to take ““plant-based category leadership” and offer the biggest variety in UK supermarkets.
