The economic situation, the high cost of undertaking manufacturing, the supply chain - which is, by the way, dying out also as manufacturing undergoes hardship - make the U.K. not the first place you would look at to make a manufacturing investment.

At Tatas, we believe that if we are not among the top three in an industry, we should look seriously at what it would take to become one of the top three players.. or think about exiting the industry.

The stores are an asset, and they have a great assortment in them and they're close to people. Being within 10 miles of 90% of America is a huge advantage, especially with fresh food at a good price. But we must also, if you think long-term and you think about what the company wants to accomplish, you must have a big and important first-party e-commerce business, and you must have a marketplace, and the things that go along with the marketplace.

What characteristics do I look for when hiring somebody? That's one of the questions I ask when interviewing. I want to know what kind of people they would hire.

There are multiple ways to be externally focused that are very successful. You can be customer-focused or competitor-focused. Some people are internally focused, and if they reach critical mass, they can tip the whole company.

We've done price elasticity studies, and the answer is always that we should raise prices. We don't do that because we believe, and we have to take this as an article of faith, that by keeping our prices very, very low, we earn trust with customers over time, and that actually does maximize free cash flow over the long term.