Tesco to launch Market Place to rival Amazon

British retailer Tesco is to launch an "online shopping mall" dubbed the Market Place to compete with ecommerce juggernaut Amazon.

The new online store is part of a revival strategy following financial results which saw the lowest growth in profit for seven years. According to a Telegraph report, one initiative is "warmer" stores. Tesco chief Philip Clarke apparently believes that the grocer’s stores are "too cold and industrial".

The plans for the Tesco Market Place include allowing rival retailers to sell goods through the store, something Amazon already does. It seems that the ability to deliver ordered products to physical stores is considered a unique advantage over Amazon. The company also plans to increase the stores offering collection services from 500 to 800.

The Telegraph reckons that the most likely sort of retailers to jump on board the Market Place will be those offering DIY and homewares which will presumably complement Tesco’s existing in-store product range.