Executive Summary

• Tesco will cut around 9,000 store-level jobs as it closes fresh-food counters across a swath of stores. 
• M&S and online grocery platform Ocado are said to be in talks for some form of partnership — possibly for M&S to supply its products to Ocado. 
• Both moves underscore the pinch legacy retailers are feeling from twin structural shifts to discount formats and to the online channel. Incumbent retailers are adapting by stripping out costs and searching for new revenue streams in e-commerce, including through wholesaling to online retailers such as Amazon and Ocado.