In his first two years, he exceeded profit targets, although by 2004 the group had suffered a decline in performance relative to its competitors and was demoted to third in the groceries market within the United Kingdom. Davis also oversaw an almost £3 billion upgrade of shops, distribution and IT equipment, entitled 'Business Transformation Programme', but his successor would later reveal that much of this investment was wasted and he failed in his key goal – improving availability. Part of this investment saw the construction of four fully automated depots, which at £100 million each cost four times more than standard depots.