Sunderland Business School

Master of Business Administration University of Sunderland, UK

PGBM16 Global Corporate Strategy - Off-Campus -

Individual Assignment Case Study Strategy Development in the Global Food Retail Supermarket Industry

Prepared by : Ong Meng Seng Date submitted : 18th, May, 2011 SCJ Code : 109130288/1

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1.0 Executive Summary By the year of 2014, the global food market industry will reach $5.97billion potential. Although its 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, Walmarts 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 2.0 Introduction 3.0 Strategic of Alliances, Merger and Acquisition in Global Food retails industry 3.1 Treat of new Entrants and Substitutes in the Globalization Food Retails Market 3.2 Bargaining Power of suppliers and buyers 4.0 The dynamics impact of Global Food Retails Market 4.1 Tesco innovation strategies in global food retail market 5.0 Mike Duke Leadership and Management Strategy 5.1 Next-generation Walmart 6.0 Conclusion 7.0 Appendices 8.0 References 2 4 5 6 7 7 8 10 11 12 13 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 Walmarts 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 worlds geographic area, 40 percent of the worlds 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, Foundationbuilding, 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 deMxico (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 analysts 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 Tescos 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 customers 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 Waltons 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 customers 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
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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: Walmarts 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 Waltons 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 Waltons 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

(Source: Coliolis Research Ltd, Tesco: A Case Study In Supermarket Excellence. July 2004) Appendix 12: Tesco Plc Group sales Revenues from 2006 - 2010

(Source: Tesco Plc 2010 Annual Report)

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Appendix 13: Tesco Clubcard loyalty Scheme progrom.

(Source: Tesco Plc 2010 Annual Report)

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Appendix 14: Tesco Private Label Architecture.

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

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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> [Accessed 10th, May, 2011] 5.0 Collins, J., 2001. Good to Great. New York: Harper Collins Publishers. 6.0 Hammett, S. McMeikan, K., 1994. TescoCompetitive Management Development: MCB University Press, p.4-6. [Online] Available through: <http://www.emeraldinsight.com/journals.htm?issn=09533230&volume=7&issue=6&articleid=881826&show=pdf> [Accessed 11th, May, 2011] 7.0 Kahney, L., 2009, Inside Steves 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> [Accessed 14th, May, 2011] 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> [Accessed 9th, May, 2011]

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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> [Accessed 14th, May, 2011] 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> [Accessed 14th, May, 2011] 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-profitmisses-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/> [Accessed 9th, May, 2011] 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] 20.0 Wal-Mart Stores Inc., 2011. Walmart Annual Report 2011 [Online] Available at: < http://walmartstores.com/sites/annualreport/2011/> [Accessed 9th, May, 2011]

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