After a 50% slump in year-over-year profit, British supermarket giant Tesco is reining in its ambitions for domestic and international expansion, says CEO Philip Clarke. The company will shutter its U.S.-based Fresh & Easy chain and opt out of the "space race" to open supersized retail locations. "I think the big lesson is when you can't see a return in a reasonable time frame, as the chief executive, it's your responsibility to call an end to it," Clarke says.

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