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Wed 13th Mar 2013 - Breaking News - Tesco boss explains thinking behind Giraffe acquisition
Tesco boss explains thinking behind Giraffe acquisition: Tesco commercial director Kevin Grace has blogged on the strategy behind the acquisition of the Giraffe restaurant chain for £48.6m. He wrote: “We’ve been doing a lot of thinking about retail destinations and how our stores might become somewhere that people spend more time, as well as shop. With more general merchandise moving online, we have a great opportunity to rethink how we use the space in some of our larger stores. To put some of that thinking into context, it might be useful to think about the many different shopping malls around the world. In most cases, their food concepts are excellent and it’s one of the main reasons people go there. Let’s look at two examples. Lots of our larger stores in Asia have restaurants regularly used by customers to meet their friends and spend time together; people like being able to take a break and relax after their shopping trip. Similarly, if you’ve ever visited Westfield, you’ll know that people go there to meet, eat and drink as much as they do to shop. They have a fantastic collection of restaurants - around 50 different concepts serving fresh, quality food and a variety of cuisines. The brands are accessible yet aspirational and the comfortable dining space allows customers to relax, socialise, recharge. It’s not an afterthought - it’s central to their offer. There’s no reason that supermarkets can’t offer something similar here. At the beginning of the year, we approached Giraffe Restaurants to see if they’d like to be part of the hospitality offer in some of our larger stores. Why them? Well, they’re a family run business with a strong brand and a fresh, seasonal, quality menu that has something for everyone. Where possible, they’ll sit adjacent to or outside the main Tesco store - we want the dining experience to feel separate from the weekly shop because it’s a place where customers can take a break and relax. They’ll keep their unique look and feel because it’s part of their brand and customers like it.”
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