Tesco's head office in Cheshunt, Hertfordshire, is not what one might expect from a company that is currently seen as the high- flyer in its European peer group. It is not that its offices are cramped or dingy. It is simply that they feel out-of-date and slightly tired - definitely functional rather than glamorous. It is a stark contrast to the supermarket's glossy, modern retail spaces which attract a higher share of the UK's grocery market than any other operator's.

It is almost as though the Plc and the stores are separate entities - even the familiar Tesco logo has been replaced by an elaborate crest (designed specially for Tesco) on the main board's business cards. However, Tesco's management is clearly not out of touch with the company's operations and the state of its headquarters is music to investors' ears, as an illustration that Tesco has its priorities right: customers and investors, followed by management.