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Tesco to invest £1bn to revamp UK operations

18 April 2012 Last updated at 15:04 BST

With profits from it's British stores shrinking, Tesco has conceded that it needs to "raise its game".

The supermarket giant will now spend £1bn on a revamp.

As the BBC's Business Editor Robert Peston reports, profits worldwide are up, but performance in the UK is a cause of concern for the company.