Tesco premium plan hits supermarket shares

Shares in supermarkets have fallen sharply after Tesco said it was considering plans for a new chain of high-end convenience stores. The proposal for a chain based on its Tesco Finest food range comes nine months after the supermarket giant opened discount retailer Jack's. Although Tesco has set no date for its latest venture, upmarket rivals Marks & Spencer and Ocado saw their shares fall 3.5% and 4% respectively. Sainsbury's shares were down 0.8%, while Morrisons' were up 0.7%. The market reaction came after Tesco chief executive Dave Lewis unveiled the Finest stores plan to an audience of analysts and investors on Tuesday. We have a very high percentage of more upmarket customers.

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