I just finish watching a BBC interview with Tesco Chief Executive Officer Philip Clarke. He was drilled over Tesco profit reduction the second year running.

He gave three reason for the reduction in Tesco profit:

• The economic
• The competition
• The internet

He said the economic conditions, has reduced shoppers buying power, which has translated into low sales for Tesco.

Competitors like low price supermarkets Aldi and Lidl and high end retailer Waitrose are assaulting Tesco market base.

And online shopping has provided shoppers with infinite choice.