eddie pgbm16 assignment may2011-ong meng seng final

Master of Business Administration

University of Sunderland, UK

Individual Assignment

Case Study – Strategy Development in the

Global Food Retail Supermarket Industry

PGBM16

Global Corporate Strategy

- Off-Campus -

Prepared by : Ong Meng Seng

Date submitted : 18th, May, 2011

SCJ Code : 109130288/1

Sunderland Business School

University of Sunderland: Sunderland Business School

PGBM16 – Individual Report May 2011

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1.0 Executive Summary

By the year of 2014, the global food market industry will reach $5.97billion potential. Although it‘s a

attractive market size, but the global food retails market is one of the most dynamics market and

extremely competitive industry, the domestic organic business growth become very challenging. In

fact, historically many global Corporations were having difficulty to perform impressive organic

growth in the mature market. Since last decade, Walmart and Tesco the world top 5 global retailers

has been embark into globalization expansion and innovation marketing strategy in order to makes

them out perform compared to the other competitors in the global food retails market. From 6Ps

Marketing focus strategies, Products, Price, People, Place, Promotion and Platform, follow by the

leadership management to corporate management that has been refined and executed by leadership

team. The Acquisition, Mergers, Joint Venture, Greenfield investment and Strategic Alliances

activities has become part of the critical success factors that determine the future growth of the

company.

Walmart failure in Germany acquisition caused Walmart exist their operation from Germany, from

this experience, their future expansion has been established the risk management strategy together

with the integrations process, in order to minimize the risk of going full force, Joint Venture and

Strategic Alliances is an alternative strategy for Walmart and Tesco begin their business in new

country. The treats in the emerging counties included the polity and economic uncertainty, and the

Internet Technology has be changes the way of consumer buying habits and make the products

information or price information become transparency, this resulted intensive price competition and

will be treats to the profitability of the company if they did not manage well in the operation

efficiency.

The Corporate social responsibility commitment become part of the Global corporate culture that help

to gain their credibility in the market, Walmart‘s current President and Chief Executive Office, Mike

Duke has good attribute in leadership that make him become great Global Corporate strategy leader,

his ambition to further drive the growth of the Walmart that aim become the greatest Corporation in

new era of ―Next Generation Walmart‖ He make sure they continues to strong hold the company

culture of ―save people money, so they can live better.‖ as the legacy of Sam Walton.



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CONTENT

pg

1.0 Executive Summary 2

2.0 Introduction 4

3.0 Strategic of Alliances, Merger and Acquisition in Global Food retails industry 5

3.1 Treat of new Entrants and Substitutes in the Globalization Food Retails Market 6

3.2 Bargaining Power of suppliers and buyers 7

4.0 The dynamics impact of Global Food Retails Market 7

4.1 Tesco innovation strategies in global food retail market 8

5.0 Mike Duke Leadership and Management Strategy 10

5.1 Next-generation Walmart 11

6.0 Conclusion 12

7.0 Appendices 13

8.0 References 25



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2.0 Introduction

In Year 2009, The Sales Revenues in Global food retails market hit records highs at

$4.3billion, the compound annual growth rate (CAGR) maintained at 4.6% to 6.8% since year 2004,

the Hypermarkets, Supermarket and Retails store occupied the market share value of $2billion equal to

46.4% of total global food industry. The global food industry growing rate forecasted will be continue

maintain at the healthy level, by end of the year 2014, the global food market industry will reach

$5.97billion potential.(source: WooEB, 2011)

The Global food retails market is one of the most dynamics market and extremely competitive

industry, the domestic organic business growth and sustaining profitability become very challenging.

In fact, historically many global Corporations were having difficulty to perform impressive organic

growth in any mature market, except those implemented with outstanding strategy or invented the

extra-ordinary products that have been widely accepted by the consumer and help to spur the organic

growth. These reports will provide the insight of the analysis, the issue of retailers facing and discuss

how Walmart and Tesco they embark into globalization expansion and innovation marketing strategy

makes them out perform compared to the other competitors in the global food retails market. From 6Ps

Marketing focus strategies, Products, Price, People, Place, Promotion and Platform, follow by the

leadership management to corporate management that has been refined and executed by leadership

team.

The Acquisition, Mergers, Joint Venture, Greenfield investment and Strategic Alliances

activities has become part of the critical success factors that determine the future success of the

company. This report will also discuss on Walmart‘s current President and Chief Executive Office

Mike Duke, his leadership in Global Corporate Strategy and his ambition to further drive the growth

of the company that aim become the greatest Corporation in new era of ―Next Generation Walmart‖.



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3.0 Strategic of Alliances, Merger and Acquisition in Global Food retails industry

Since 2001 the top 10 key player in food retail industry were Walmark, Ahold and etc (refer to

the appendix 1). 70% of those top food retailers companies are established from the USA home

country and the other 30% are from the Europe country. In recent years their growing trends became

saturated in developed countries due to the population growth rate slow down verses the emerging

countries; refer to (appendix 2). Sharma (2011) cited the fact that the emerging countries consist the

grouping of BRICS (Brazil, Russia, India, China and South Africa) represents about 26 percent of

world‘s geographic area, 40 percent of the world‘s population, The top five food retailers are aiming to

be aggressively expands their market share through Strategic Alliances, Merger and Acquisition

activity into those new attractive global food retails industry.

Ronald, et al. (2000) cited many companies in the past view acquisitions and mergers as short term

deals, often they lack of manageable process that caused the integration failure in the acquisition and

merger activity. Over the years, GE Capital Services‘ acquisition integration process has been

established and well enough to be implement as best practices, the whole idea is being with the

"Wheel of Fortune" model, it's divides into the four ―action stages‖, the Pre-acquisition, Foundation-

building, Rapid integration and Assimilation. (Refer to appendix 3)

Walmart for instance, their failure in Germany acquisition caused Walmart exist their operation from

Germany, they could have done better if they have such a systematic approach and manageable

process to run the Germany acquired company, learned from the previous failure, Walmart announced

in Feb 2007, they purchase of 35% interest in Bounteous Company Limited (―BCL ‖) in China.

Obviously this is part of the risk management strategy that has been implemented together with the

integrations process, to minimize the risk of going full force, Joint Venture is an alternative concentric

diversification strategy for Walmart begin in China, lately the development helping Walmart gaining

higher confident in China market, today Walmark have 328 retails footprint in operation and became a

key player in China.

In August 2007, Walmart and Bharti Enterprises established a joint venture called Bharti Walmart

Private Limited to conduct wholesale cash-and-carry and back-end supply chain management

operations in India, the approach are begins with conservative due to the concern of uncertainty on

India economic and buying power of their population, socially and culturally are also the other

concern factors.

On February 15, 2010, Walmart deMéxico (―Walmex‖) completed the acquisition of ownership that

held by the third parties of Walmex as concentration growth strategy. Now Walmart run 1730 store in

Mexico become the largest individual group operation for Walmart international.



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In May 27, 2010, ASDA the Walmart subsidiary in United Kingdom (UK) announce to purchase

Netto Foodstores Limited. Netto operates 193 units, Walmart now have 385 stores in UK becomes the

major treats to Tesco in the UK Marketplace.

In year 2011 Walmart U.S. being leveraging multi-channel innovations strategy like Site-to-Store®,

―Pick Up Today‖ by Strategic Alliances with Fed-Ex, the whole idea of this strategy was aim to

increase the flow of innovation and flexibility that allow their customers to shop when and how they

want. (Source: Walmart Annual report 2011)

Tesco expansion plan were included Greenfield strategy in the past two years, in China, Tesco

strategy is expand into less developed second and third tier cities by opening hypermarkets in leading

shopping malls, They had invested 17 hypermarkets and plan to open 23 hypermarkets for the rest of

year. In Korea, through the merger of Samsung Corporation retail business (Homeplus), Tesco gaining

the local knowledge, culture and understand the Korean buying behavior, subsequently in fiscal year

end 2010, Tesco successfully dominates the Korea market and delivering excellent results, their

impressive success factor was the synergies from effective management skills in the strong Strategy

and Planning Division, also by leveraging the IT technology to compete with other world class rivals

such as Walmart and Carrefour. (Source: Tesco annual report 2010)

3.1 Treat of new Entrants and Substitutes in the Globalization Food Retails Market

Arons, et al. (1999) cited that Porter five forces model is the framework of analysis for business

development by Micheal E. Porter, then develop into the popular SWOT analysis approach, (refer to

appendix: 4) the Porter five force model are mainly concentrated on the threats of new entry, the treat

of substitute products or services, the bargaining power of customer and supplier that influence to

competitive rivalry. Walmart and Tesco being top five global retailers means that they are the target of

competition in local and globally, in US Walmart have stronger hold in term business size and the

stores coverage around the country, the potential of the market addressable size attracted new entrants

as competition treat like Tesco Fresh & Easy stores. For Tesco, there is a persistent threat of takeover

from the market leader by Walmart in UK, who has both means and motive to pursue such action, the

factors influencing the likelihood of the new Entrants in global food retail market are the Cost,

Supplier, Distribution, Regulation and Products. (Refer to appendix 5)

The substitutes from internet on line portal that changing the customer buying behaviour, by

leveraging from the Internet Technology, customer get more transparency of the products information

and pricing, this is the major substitute treats to their local stores regardless of Walmart or Tesco.



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While trying to penetrate into the new country being as global retailer, means that they are exposed to

political problems and the uncertainty at those emerging countries.

The cost of producing many consumer products tends to have fallen because of lower outsourcing

manufacturing costs. Manufacturing cost has fallen will lead to price competition. Intensive price

competition is a threat that impact to the profitability of the company.

3.2 Bargaining Power of suppliers and buyers

According Arons, et al. (1999) cited, when there is no option or quantity demanded is more

than the quantity that supplier are able to supply it may cause market shortage, supplier gaining their

bargaining power and may ask to raise the prices until it reach the equilibrium point. On other hand if

the supply is more than demands, it caused the surplus of the products in the market, Supplier loss

their bargaining power, buyer gaining the bargaining power and will demands for the cheaper price.

However, base on Tesco and Walmart market leadership they have better position in term bargaining

power by leveraging on their big market share and volume that attractive to many supplier, both

retailer are able to buy in bulk and gain huge bulk discounts, therefore they able to pass on the

discounts and pricing benefits strategy to customers, thus further solidifying their reputation as a

bargain store.

4.0 The dynamics impact of Global Food Retails Market

Base to Sarah (2011) in Bloomberg Businessweek, Tesco International Group Executive

Officer Philip Clarke commented in the Bloomberg interview regards to their Annual Financial

performance of full year earnings missed the market analyst‘s expectation. He claimed that the

domestic market in UK are slightly disappointing and will remain "challenging", their grocery market

remain stagnant particularly in UK, despite to their U.S. Fresh & Easy store chain declined and

UK/Europe domestics Sales and Profit falling respectively. Tesco International business segment

growth by 8.8%, (refer to appendix 6) Therefore Tesco new store opening plan in coming year will be

focusing on the international expansion such as China and other new international market.

Walmart Stores, Inc, the world no. 1 food retailer in their US domestic market is facing

difficulty situation as well. Their business has been stagnant for recent years in US, show in (appendix

7), Walmart Stores locations in North American are almost fully cover everywhere but penetrated by

others retailers, in fiscal 2010/2011 Walmart US revenues just contributed insignificant grow of 1.1%

and 0.1% respectively, despite putting lots of resources and energy into growing US market. refer to

(appendix 8), Walmart year 2011 total revenues growth mainly contributed from the Walmart



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international segment by 12%, the highest sales increase contributed from Brazil, China and Mexico

operation, obviously the evidences show the international expansion and diversifies become the most

important strategies to growth top line sales and then sustaining the profitability of company in global

food retails Market.

4.1 Tesco innovation strategies in global food retail market.

Under the leadership of Tesco‘s CEO Sir Terry Leahy, Tesco continue emphasis and focus on

their long term strategy, each elements of strategies show in below exhibit 1.0 framework, represented

by the Non-food segment, retailing Services, International, Community, Core UK and last but not

lease of ―Every little helps‖ philosophy.

Exhibit 1.0: Tesco Long Term Strategy

(Source: Tesco Plc, 2010 annual report)

The Non-food segment focusing on the Electricals, Entertainment, Toys and Cloths, these has

becoming their international success especially in European Market, this success model then

duplicating into Asia market. Retailing Services basically focusing on the platforms for future growth,

particular on Tesco Bank, developing own system and developing people capabilities in order to

achieve as a full service retail bank.

Tesco International focus in Asia and Europe help up the losses in early US start-up, now the ―Fresh

and & Easy‖ in US being establishes and help creating new synergy toward the growth and profitable

of the international expansion plan.

Tesco did not neglected the Corporate Social Responsibility commitment, they are fully committed to

the community as they set three challenging long-term target, to achieve a zero-carbon business by

2050, to reduce carbon impact of product in their supply chain by 30% in 2020 and to help customer

halve their own carbon footprint by 2020.

The Core UK remaining focusing on helping their customer spend less by encouraging the ―Clubcard‖

loyalty scheme program and their core grocery operations has been increased the investment and



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delivered strong and solid performance. Lastly, in the ―Every little helps‖ philosophy, Tesco

Leadership team continue improving the development of Company peoples and talents by providing

the ongoing training and developing to achieve first class management, first class services. Hammett

and McMeikan (1994) shared that Tesco – Competitive Management development program aim to

achieve the First Class Services and First Class Management team, they drawn up the ―Critical

Success factor‖ that included the Innovation, Conceptual thinking, Influencing, development of

People, Teamwork, Drive, Customer focus, Commercial awareness, Recruitment and Selection,

Training and Development as a Company culture to stretch their employees and managers ability to

remain competitive while becoming more people-oriented. Under the ―Every Little helps‖ philosophy,

Tesco cascade down ―Steering Wheel‖ innovation strategy internally (refer to appendix 9) for Tesco

Strategy Diagrams, Tesco operate balanced scorecard approach to manage and to monitor their

business by the Key Performance indicators (KPIs) measurement, the objective of those management

performance measurements is aim to strike for efficiency and effectiveness that can best serve to

Tesco customer and growth in sales, sustain profits and returns to the shareholders (refer to appendix

10). With the ―Grow Bigger‖ innovation strategy that putted in place (refer appendix 9), investing in

future growth is the primary and always at the heart of Tesco's strategy. Tesco began expanding

internationally and became a top 5 global retailer in the global market since year 2004. Refer to the

(appendix 11). Tesco has recorded the steady growth of 145% in year 2010 hitting £62.5billion

revenue (refer to appendix 12). Exhibit 2.0, results show Tesco business spread evenly into global

market, thus was greatly reduce the risk of dependence on one region especially when soften in UK

economic. Tesco International expansion format not just merely invest in new country, Tesco

investment strategy included Joint Venture (JV), Greenfield and Franchise partner.

Exhibit 2.0: Tesco Group revenue by region

(Source: Tesco Plc, 2010 annual report)

The other growth engine of Tesco is the Clubcard program strategy, since Clubcard Program launch in

1995, Tesco now have 15million active Clubcard holders in UK, in fact Tesco now have more

Clubcard holders overseas than in UK. Refer to (appendix 13). Clubcard scheme not just only to

rewards and price reduction for their customer‘s loyalty, but also providing valuable insight that will



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help Tesco to understand the consumer behaviour and respond quickly to what customer want and

needs. Tesco then come with other services, such as tesco.com, Tesco Direct for Non-Food, Tesco

Telecoms, Tesco Bank, Tesco Finest, Tesco Organic and Dunnhumby, and even more define club

such as Tesco Kids Club, Tesco Baby and Toddler Club, Tesco Healthy living Club and World of

Wine Club to serve difference segment of customer. Tesco also implemented Private Label

Architecture Strategy in order to address difference product group that cater for customer needs and

relatively to the price strategy, Tesco tends to be more localize their products and to match the local

cultures, with this overall differentiation and innovation strategy, Tesco stand a better chance and

competitive edge in the global food retails market place. (Refer Appendix 14: Tesco Private Label

Architecture.)

5.0 Mike Duke Leadership and Management Strategy

Since year 2008 Mike Duke (Michael T. Duke) selected as successor of Lee Scott, the President

and Chief Executive Officer (CEO) position in Walmart. Although there will be many changes at

Walmart operation, one thing that Mike Duke never change, the Walmart culture that inspire from the

founder of Walmart, Sam Walton. He encourages Walmart associates to operate with honesty and

integrity, and he emphasizing respect people as individuals and strive for excellence. Most

importantly, He wants to ensure Walmart people to serve their customer better than ever before. He

certainly to maintain the company strategy, by executing well and adhering to their company values,

he consistently communicate and re-emphasis Walmart Mission, ―save people money so they can live

better‖, he is committed to the culture and mission that are Sam Walton‘s legacy.

Colin (2001) cited that in order to ignite the transformation from good to great company, first thing

first is to get the right people on the bus; the management teams working together with Mike Duke are

extremely talented and capable people that drive the company into greatest position. In Year 2010,

Mike Duke further enhance the Company strategy of ―Growth, Leverage and Returns‖, Mike Duke

first priority is continuing to grow around the world. He believed in many opportunities to grow by

opening new stores, entering new markets, making acquisitions, integrating online channels, and

developing new innovative formats that allow people to experience the Walmart brands. Follow by

leveraging their scale and best practices to create competitive advantages. He also remain committed

to leveraging operating expenses and finding additional ways to benefit from the global expertise,

talented associates that help to ensure strong returns to shareholder.

According to O'Keefe (2009), the significant leadership behaviours exhibited by Mike Duke is

listening to their customer‘s feedback and revived many products that have been dropped. He make

few decisive decision by leveraging the customer feedback and make couples of impactful changes

mailto:[email protected]



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and work closely with the team to freshen up their stores make them become cleaner and nicer

facilities. (Exhibit 3.0) He re-Branding the Walmart logo that come with modern look and the whole

Walmart embraced into catchy new slogan: "Save money. Live better."

Exhibit 3.0: Walmart’s new logo since 2008

Another significant decisive decision that Mike Duke did was to shutdown the Walmart Germany, he

demonstrates the leadership behaviours by making really tough call decision in order to save Walmart

from the further loss in Germany operation.

5.1 Next-generation Walmart.

In Fayetteville, Ark. June 4, 2010. Mike Duke walks into the Annual shareholders meeting, He come

with passion and ambition to delivers on Sam Walton‘s vision to the world, sharing the new strategies

of save money and have a better life vision, called "Next-generation Walmart". He and his leadership

team has to make sure the company continued their leadership in the social issues as part of the

Corporate Social Responsibility commitment to the world, Walmark will recruit new talents included

the balancing women workforce and benefits; they will continues to develop new leaders that talented

enough to implement his vision.

The 4 major Vision strategies he laid down are:

1. Become a truly global company;

2. Understand the business challenges that retailers will face and solve them;

3. Play an even bigger leadership role on social issues that matter to our customers;

4. Keep our culture strong everywhere.

Kahney (2009), cited in the deceptive simplicity theories use in Apple Inc. as one of the leading

consumer electronic company in the World, their CEO Steve Jobs never interested in making things

complex, he wants their Apple products are build with simple and easy to use platform, more toward

the customer – centric design, the simplicity strategy has been making Apple so success in their

products sold in worldwide. Similar to Mike Duke "Next-generation Walmark" Vision strategies, He

did not make it complicated from the origin version, it's more like a enhance version. He encourages

sharing the best practices and leverage Walmart's global supply chain to overcome those challenges

that retailers is facing globally.



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Mike Duke acknowledges the future global market challenges that impact by technology on shopping

habits, in particular of price transparency issue. The ASDA® price guarantee program is a great

example of the transparency. Their focus on the productivity loop helps ensure Walmart drive every

day low cost, so they can deliver everyday low prices across the business. To further improve this long

term competitive advantage, Walmart U.S. is also leveraging multi-channel innovations strategy like

Site-to-Store®, ―Pick Up Today‖ and Fed-Ex® Site to Store to allow their customers to shop when

and how they want. He wants to ensure Walmart to operate at high productivity level in order for

Walmart to win as price leader and deliver on "Every Day Low Price" business model everywhere.

6.0 Conclusion

The Globalization trends have been impact to the Food Retails industry, the industry became

more dynamic and competitive, and the local mature food retails market become stagnant and

saturated. In order to further growth the company sales revenues and maintain profitability, Walmart

and Tesco has been aggressively expand their international food retails market by invest into new

Greenfield operation, acquisition, mergers, as well as Strategic Alliances. In addition, the innovation

strategy of the Walmark and Tesco particular focused on 6Ps strategies help them become the global

Top 3 food retails brand as market leader, refer (appendix 15). The Corporate Social responsibility

commitment become part of the culture in Walmark and Tesco, they proud this achievement and gain

credibility for many years. They respect individuals, put customers first and strive for excellence in

order to win the future. Mike Duke as Walmart new CEO, he has been demonstrates the ability of

analyze issues and make the decisive decision, inspires the team with "Next-generation Walmark"

vision strategies are the essential competency of the leadership skill from the Corporate strategy point

of view. He consistently communicates and re-emphasis Walmart Mission and Sam Walton‘s legacy,

―save people money, so they can live better‖, He want to keep this culture strong no matter what has

been changes, this attributes are the great behaviors of the corporate leader.



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7.0 Appendices

Appendix 1: Top 10 Food Retailers Worldwide in 2001.

(Source: McKinsey&Company, Preface to the Food retail Sector Cases, Annual Report. 2003)



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Appendix 2: World Population and Current Level of Population Growth Rate.

(Source: United Nations Population Division. The World at Six Billion)



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Appendix 3: The Wheel of Fortune- GE Capital Services’ acquisition-integration process

(Source: Harvard Business School Press: Harvard Business Review on Mergers and Acquisitions,

December 2000).



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Appendix 4: Porter's Five Forces Model

(Source: Arons et al A Knowledge Base Representing Porter's Five Forces Model, Sep: 1999)

Appendix 5: The Factors influencing the likelihood of the new Entrants in Global Food Retail

Market.



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(Source: MarketLine International Limited, Food Retail Global Industry Guide, 2009)

Appendix 6: Tesco International Financial Statement.

(Source: Tesco Plc 2010 Annual Report and Financial statement.)



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Appendix 7: Major Retailers Store Locations in North American.

(Source: Coriolisresearch: RETAIL SUPERMARKET GLOBALIZATION. WHO SWINNING?

October, 2001)



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Appendix 8: Walmart 2011 Financial result in details.

(Source: Walmart 2011 Annual Report.)



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Appedix 9: Tesco Strategy Diagrams

(Source: Coliolis Research Ltd, Tesco: A Case Study In Supermarket Excellence. July 2004)

Appendix 10: Tesco Steering Wheel approach to Key Performance indicators (KPIs)

(Source: Tesco Plc 2010 Annual Report)



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Appendix 11: Top Five Global Retailers


Appendix 12: Tesco Plc Group sales Revenues from 2006 - 2010




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Appendix 13: Tesco Clubcard loyalty Scheme progrom.




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Appendix 14: Tesco Private Label Architecture.




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Appendix 15: The Top 20 most valuable Global Retail Brands 2010.

(Source: Kantar Retail: The Top 20 Most Valuable Global Retail Brands 2010)



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8.0 References

1.0 Anon, 2004. Corporate Watch: Tesco A Corporate Profile. [Online] Available at:

<http://archive.corporatewatch.org/profiles/tesco/tesco1.htm>[Accessed 11th, May, 2011]

2.0 Arons, H,D,S. Waalewijn, P., 1999. A Knowledge Base Representing

Porter's Five Forces Model, Netherlands: Erasmus University Rotterdam, [Online] Available at:

<http://publishing.eur.nl/ir/repub/asset/753/eur-few-cs-99-02.pdf> [Accessed 15th, May, 2011]

3.0 Bossidy, L. Charan, R. Burck, C., n.d. Execution: The Discipline of Getting Things Done. New

York: Crown Business. [Online] Available at:<http://www.altfeldinc.com/pdfs/execution.pdf>

[Accessed 13th, May, 2011]

4.0 CoriolisResearch., 2001. Retail Supermarket Globalization: Who Swinning? [Online] Available

at:<http://www.coriolisresearch.com/pdfs/coriolis_retail_supermarket_globalization.pdf>


5.0 Collins, J., 2001. Good to Great. New York: Harper Collins Publishers.

6.0 Hammett, S. McMeikan, K., 1994. Tesco–Competitive Management Development: MCB

University Press, p.4-6. [Online] ―Available through:‖

<http://www.emeraldinsight.com/journals.htm?issn=0953-

3230&volume=7&issue=6&articleid=881826&show=pdf> [Accessed 11th, May, 2011]

7.0 Kahney, L., 2009, Inside Steve‘s brain. London, UK: Atlantic Books.

MarketLine, 2009. Food Retails : Global Industry Guide, London, UK: Marketline Int.

[Online] Available at: < http://www.globalbusinessinsights.com/content/ohec5086m.pdf>


8.0 McKinsey Global Institute., 2003. McKinsey&Company 2001 Annual Report, Preface to the Food

retail Sector Cases [Online] Available at:

<http://www.mckinsey.com/mgi/reports/pdfs/newhorizons/Newhorizons.pdf>

[Accessed 13th

May 2011]

9.0 Morris, T., 2004. Tesco: A Case Study In Supermarket Excellence. [e-book] Auckland, New

Zealand: Coliolis Research Ltd, Available at:

<http://www.coriolisresearch.com/pdfs/coriolis_tesco_study_in_excellence.pdf> [Accessed 11th,

May, 2011]

10.0 O'Keefe, B., 2009. CNN Money: Meet the CEO of the biggest company on earth: Full version.

[Online] Available at:

<http://money.cnn.com/2010/09/07/news/companies/mike_duke_walmart_full.fortune/index.htm>


http://publishing.eur.nl/ir/repub/asset/753/eur-few-cs-99-02.pdf

http://www.altfeldinc.com/pdfs/execution.pdf

http://www.coriolisresearch.com/pdfs/coriolis_retail_supermarket_globalization.pdf

http://www.emeraldinsight.com/journals.htm?issn=0953-3230&volume=7&issue=6&articleid=881826&show=pdf

http://www.emeraldinsight.com/journals.htm?issn=0953-3230&volume=7&issue=6&articleid=881826&show=pdf

http://www.globalbusinessinsights.com/content/ohec5086m.pdf

http://www.mckinsey.com/mgi/reports/pdfs/newhorizons/Newhorizons.pdf

http://www.coriolisresearch.com/pdfs/coriolis_tesco_study_in_excellence.pdf

mailto:[email protected]

http://money.cnn.com/2010/09/07/news/companies/mike_duke_walmart_full.fortune/index.htm



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11.0 Research and Markets., 2009. Global Top 10 Food Retailers — Industry, Financial and SWOT

Analysis [Online] Available at:

<http://www.researchandmarkets.com/reports/1088194/global_top_10_food_retailers_industry_financ

ial> [Accessed 13th

May 2011]

12.0 Ronald N. et al., 2000. Harvard Business Review on Mergers and Acquisitions: Making the Deal

Real - How GE Capital Integrates Acquisitions. [e-book] Boston, MA:Harvard Business School

Publishing Corporation. [Online] Available at:

<http://uhos.softarchive.net/harvard_business_review_on_mergers__acquisitions.422714.html>


13.0 Schept, K., 2010. The Top 20 Most Valuable Global Retail Brands 2010. MA. USA: Kantar

Retail, [Online] Available at:

<http://www.brandz.com/upload/Kantar%20Retail%20BrandZ%20Top%2020%202010.pdf>


14.0 Sarah, S., 2011. Bloomberg Businessweek. Tesco Profit Misses Estimates, U.K. to Remain

‗Challenging‘ [Online] Available at: <http://www.businessweek.com/news/2011-04-19/tesco-profit-

misses-estimates-u-k-to-remain-challenging-.html> [Accessed 9th, May, 2011]

15.0 Sharma, R., 2001. The DIPLOMAT Blogs: Why BRICS 2011 is Important. [Online]

Available at:<http://the-diplomat.com/indian-decade/2011/04/14/why-brics-2011-is-important/>


16.0 Tesco Plc., 2009. Tesco Annual Report 2010, [Online]

Available at:< www.tesco.com/annualreport2010> [Accessed 9th, May, 2011]

17.0 WooEB, Inc., 2011. Business News. Food Retail: Global Industry Guide - new market research

report [Online] Available at: < http://news.wooeb.com/NewsStory.aspx?id=720183>

[Accessed 12th

May 2011]

18.0 Walton, R., 2009. Walmart 2009 Annual Report. [Online] Available at:

<http://walmartstores.com/sites/annualreport/2009/> [Accessed 11th, May, 2011]

19.0 Wooeb News., 2011. Business news, Food Retail: Global Industry Guide - new market research

report (4 Dec 2011) London UK. [Online] Available at:

<http://news.wooeb.com/NewsStory.aspx?id=720183> [Accessed 14th, May, 2011]

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< http://walmartstores.com/sites/annualreport/2011/> [Accessed 9th, May, 2011]

http://uhos.softarchive.net/harvard_business_review_on_mergers__acquisitions.422714.html

http://www.brandz.com/upload/Kantar%20Retail%20BrandZ%20Top%2020%202010.pdf

http://www.businessweek.com/news/2011-04-19/tesco-profit-misses-estimates-u-k-to-remain-challenging-.html

http://www.businessweek.com/news/2011-04-19/tesco-profit-misses-estimates-u-k-to-remain-challenging-.html

http://the-diplomat.com/indian-decade/2011/04/14/why-brics-2011-is-important/

http://the-diplomat.com/indian-decade/2011/04/14/why-brics-2011-is-important/

http://www.tesco.com/annualreport2010

http://news.wooeb.com/NewsStory.aspx?id=720183

http://walmartstores.com/sites/annualreport/2009/

http://news.wooeb.com/NewsStory.aspx?id=720183

http://walmartstores.com/sites/annualreport/2011/

eddie pgbm16 assignment may2011-ong meng seng final

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