A MAJOR shareholder in Tesco has called on the retailer to rethink its strategy and improve its struggling domestic business.
Legal & General Investment Management said the company needed to think about its capital allocation and return on capital.
“It needs to think long and hard about what it wants to be -- can it be everything to everyone, or should it focus on its gem, the British grocery business?” asked Richard Black of L&G.
“Of course, this is likely to raise questions about other areas of the business, such as America and the bank.”
City A.M. Reporter