Tesco boss Sir Terry Leahy puts the success of the UK’s number one grocer down to its “universal appeal, from people on very limited incomes to very high earners”.

Sir Terry told The Sunday Times that he was proud of Tesco because it had been able to grow and be successful “without being exclusive”.

Ten years ago, Leahy said he dubbed the moment he realised things were going wrong at Tesco as the ‘crikey moment’. He then commissioned “loads” of customer research and turned the company into a customer-led business.

Sainsbury is reported to be close to appointing a new chief executive to succeed Sir Peter Davis when he becomes chairman in March. Marks and Spencer’s head of food Justin King is tipped for the post.

Meanwhile, Sainsbury having axed the Jeff & Co collection designed by Jeff Banks is planning to relaunch its adult clothing range next autumn under the banner Tu, the French word for ‘you’.