How did the recession effect TESCO?

The recession negatively impacted Tesco by reducing consumer spending, as shoppers became more price-sensitive and sought value for money. This led to a decline in sales, particularly in non-essential items, as customers turned to discount retailers. Additionally, Tesco faced increased competition from budget chains, prompting the company to adapt its pricing strategies and enhance its value offerings to retain customers during tough economic times. Overall, the recession challenged Tesco to reassess its business model and focus more on cost efficiency and customer loyalty.