‘Think big’ says ex -Tesco chief Leahy

THINK big and adopt a no-blame culture in business were just two key tips for business success espoused by veteran retailer and former Tesco boss Sir Terry Leahy.

Speaking at the Festival of Business event last week organised by the Daily Telegraph, he cited the example of the creation of the Liverpool One shopping and leisure destination in his home city as an example of the need to have “audacious goals”.

He explained: “About 10 years ago I was asked by Liverpool Vision (the economic development agency) to get involved in helping them to get the city back on track after many years of decline.

“The plan was to build a new shopping centre – there was nothing like the Trafford Centre there – but in the city centre. All the advice was that we should go for something around 250,000 sq ft, but we did not agree and went for 1.7 million sq ft, a development which reconnected the city with the docks.

“It has transformed the city’s prospects and its status as a retail centre and unlocked massive private investment in hotels and a conference centre, and has arrested 100 years of decline in 10 years. It just shows just what can happen when you sent audacious goals.”

Sir Terry, who is an investor in e-tailer The Hut Group, the fast-growing Northwich company, said he expects shopping on mobile devices to “explode” in future years, also backed business involved in health and beauty and those which can save consumers time, to continue to thrive.

Another key lesson he said was to learn from failure as well as success.
Citing Tesco’s failure in its car sales and estate agency ventures, he said while he had never been “entirely convinced” either would work, it is important to try new things.

“When you do decide to pull the plug, do not punish anyone, don’t look for scapegoats because success and failure are two sides of the same coin, and you don’t want to stop your people coming forward with ideas.”

In a wide-ranging talk to around 700 business owners, he said more British businesses should be looking to grow internationally.

He claimed some companies are content to “make a few bob” domestically, but fail to broaden their horizons.

“Too many British companies stop short, eventually the rest of the world gets them.”