Tescos announced plans to build four reported villages based around there own store. Its been echoed around for some time that the massive supermarket would move into the housing market. This has now raised concerns of the retailer abusing it’s power and knowing too much about it’s customers.
Their is no doubt though that there is rightful concern that the biggest supermarket in Britain is turning into a power business as it recently announced a record £3.4bn in profits to the city.
While Tescos claim that it will provide more work for the economy, others are concenred that they will end up owning a to large share of several markets and thus take away the importance of fair competition. They would know everything about individuals as they not only shopped, but insured, banked, mortgaged, and now virtually worked and lived under the Tescos umbrella.
The New Economics Foundation think tank reported “There’s a sense that they are using their market power to dominate aspects of the economy, there is a need for more affordable housing but there is a danger with Tesco’s moves. If they provide the mortgage, if they act as estate agent, if they provide a credit card, if they sell you a house, they will end up with more personal information about you than the Government.”
A Tesco report denied they would abuse its power or “suggestions they were building “mini-villages” was “going too far”.