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"Philip Clarke, Tesco's chief executive ... admitted that Tesco had misjudged the 'space race' between UK supermarkets to build hypermarkets, leading to the £804m property write-down. He also conceded the retailer had been slow off the mark to move online.
"... That's three whopping errors, quite apart from the neglect of the UK stores and the mis-selling of payment protection insurance. They come at a huge cost: analysts say the write-downs are equivalent to 15 months of shareholder dividends.
"So the question is: how did such a brilliant retailer come to make such blunders? Did bosses get too big for their boots?"
"We know a story about bosses getting too big for their boots, don't we? And today, it's through the square window ..."
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