Magazine article Marketing
CAREERS: Company CV - Tesco
Tesco Stores Ltd is the UK food retailing arm of Tesco Plc. The company has 702 stores throughout England, Scotland, Wales and Northern Ireland and is the largest food retailer in the UK. Tesco also has 186 stores in Europe and 35 in Asia.
The company can trace its history back to 1919, when Jack Cohen invested his Army service gratuity to set up a grocery stall in Well Street Market in Hackney, London. The brand name of Tesco first appeared on packets of tea in 1924 - the name was a combination of the initials of his tea supplier, T E Stockwell, and the first two letters of Cohen's surname.
The first Tesco store opened in 1929 in Burnt Oak, Edgware, London. Tesco Stores Ltd was founded in 1932 and in 1947, Tesco became a public company, when it floated on the London Stock Exchange.
Tesco grew through acquisition during the 1950s and 1960s and by the early 1970s was known for providing basic groceries at competitive prices, a position that was summed up by the 'pile it high, sell it cheap' slogan used as the title for its founder's autobiography.
The company continued to expand with the introduction of new initiatives.
By 1991, the company was the largest independent retailer of petrol in the UK.
The 1990s saw the company build on its success with the introduction of new store formats: Tesco Metro in 1992; Tesco Express in 1994; and in 1997 its first hypermarket, Tesco Extra. By 1995, Tesco had become the largest food retailer in the UK. That year also saw the launch of the Tesco Clubcard.
Looking for new growth opportunities saw Tesco expand outside of its homeland, acquiring stores in France and Scotland, and further overseas with purchases of food store chains in Eastern Europe, which was followed by purchases in South East Asia. …