• Marketing Magazine, Wednesday, October 7, 2015 6:49 AM

Tesco CEO Dave Lewis said he was "sorry" for past mistakes as he announced that the retail giant will improve its payment terms to agency suppliers from 45 to 14 days. "We are recovering from big, bad decisions," he said, before revealing plans to reduce timescales for payments to suppliers, including marketing and advertising agencies. Painting a gloomy picture of "today's reality" of pressure including food deflation, rising employment costs and business rates, Lewis added that retail was an industry to "celebrate."

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