Tesco has reported a 23.5% drop in group pre-tax profits to £1.39bn in the six months to Aug 24 amid difficult times in Europe and Asia. This has prompted Tesco to push forward with the re-vamp of their hypermarket stores. Sainsbury's continued to pile on the pressure with like-for-like sales up 2%. The UK market has witnessed a surge in competition with the likes of Aldi, Lidl and Waitrose challenging the major players. Consider the competition/market share issues for Tesco.
