Tesco jacks in Jack’s

Tesco is to close its Jack’s shops as it abandons plans to compete with Lidl and Aldi. Britain’s largest grocery retailer created the budget brand in 2018, named after Tesco founder Jack Cohen, setting up 13 of the stores. Six of the 13 will be converted into Tesco superstores, with the remainder closed over the coming months. Tesco also announced plans to close meat, fish or hot deli counters in 317 of its shops and to repurpose the space because there had been a decrease in the number of customers using them. Retail operating profit this year is expected to be slightly above the top of a previous guidance range of £2.5bn to £2.6bn. The Times (£) The Guardian