Wed April 17, 2013
Originally published on Wed April 17, 2013 12:46 pm
DAVID GREENE, HOST:
NPR's business news begins with fresh but not easy.
(SOUNDBITE OF MUSIC)
GREENE: Britain's largest retailer is taking a big loss as it announces it will shut down its West Coast grocery store chain Fresh & Easy. Tesco launched the chain in 2007 with nearly 200 stores throughout California, Nevada and Arizona.
Fresh & Easy's business model was: cheap, natural, healthy food fast. Customers used self-service checkout aisles. Fresh & Easy competed for customers with Trader Joes, Whole Foods and even Wal-Mart, but never turned a profit for Tesco and now it's shutting down. The British supermarket giant says the move will cost them $1.5 billion, but should save them a lot more in the long run. Transcript provided by NPR, Copyright NPR.