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Tesco has taken arguably its most radical step yet to turnaround the fortunes of its UK business by ditching its Tesco Value brand.
The grocer has rebranded its own label range which is one of just four private labels worth more than £1bn alongside its Finest line, Waitrose Essentials and Asda's Chosen By You. It will now be called Everyday Value.
Tesco Value launched in 1993 and was key in Tesco's rapid growth under former boss Sir Terry Leahy.
The unmistakeable blue and white striped brand clearly set out Tesco's proposition to offer grocery and non-food products at low prices.
Evolution Securities analyst Dave McCarthy says: "Tesco Value offered a co-ordinated opening price point across a range of products which meant it could fight the discounters and Kwik Save."
Tesco Value range has become a hugely popular cut-price option. However, a YouGov Brand Index poll in December revealed that the perception of the value in terms of quality,...