The notion that best practices of corporate governance lead towards superior performance in a firm is widely spread. The scandals of corporates that initiated in 2001, October with Enron collapse and that continue till this day have somehow shaken the faith of the investors in the capitalized markets. These scandals have also shaken the existing practices of corporate governance efficacy when it comes to promotion of performance and accountability (ArAs, 2016). This is because not all companies have followed best practices in corporate governance leading towards poor performance, less transparency and in turn no accountability. Within competitive stock markets, with data richness such as the firms from US and UK, it has been depicted that with specific arrangements of governance, implemented consistently, it becomes possible to gain a high return for the stakeholders. This is also the case for the industry of retail (Ntim and Soobaroyen, 2013). There are several ethical based issues evident across the market of retail. Tesco is an example of one such organization that has not only wasted its resources but also has lacked in terms of its profitability and higher performance ability. The key in this report lies in exploring the way in which corporate governance contributes to higher accountability standards and higher performance of businesses in retail sector. The scope also lies in using corporate governance theory whenever necessary.