“I wouldn’t consider this to be a plan B”, Sainsbury’s boss Mike Coupe said as he lifted the lid on the grocer’s strategic update today.
“Tweaks” rather than transformation were certainly the order of the day as Coupe and his senior leadership team sought to restore confidence in the City, having presided over a tumbling share price during the past 12 months.
There’s no escaping the fact that pressure has been mounting on Coupe to unveil his vision for how to get Sainsbury’s back on track, following the collapse of its proposed merger with Asda earlier this year.
That blocked deal was imperative, the grocer had argued vehemently last year, if it was to better compete in a rapidly changing grocery market and invest in cutting prices for consumers.
But the Sainsbury’s chief executive will now rely on strategic evolution rather than revolution in his bid to adapt.
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