Tesco takes on German discounters

LONDON: Tesco, Britain's biggest supermarket chain, launched a new range of own-label fresh produce, poultry and meat on Monday, stepping up its fightback against German discounters Aldi and Lidl.
The seven new "farm" brands will consist of 76 new lines that will either match the price of competitors or beat them, Tesco said. Where there is duplication, the new products will replace Tesco's existing entry point "Everyday Value" range.
Sales, profit and asset values at Tesco have been hit by shifts in shopping habits and the rise of the discounters.
CEO Dave Lewis, who joined in September 2014, is trying to revive the firm with a focus on lower prices, improved product availability and customer service, along with better relationships with suppliers.
When Tesco updated on Christmas trading in January it reported its first like-for-like sales growth for four years.
Improving monthly industry data has followed, adding to hopes the firm may finally be recovering.
Its shares have climbed 37 percent over the last three months, and last week Tesco's UK boss Matt Davies said the retailer was "on the cusp of doing something special."
The stock was up 1.5 percent at 198 pence at 1236 GMT, valuing the business at 16.2 billion pounds.