Topics: United Kingdom, Tesco, Wal-Mart Pages: 2 (678 words) Published: April 10, 2013

Founded in 1919 by Jack Cohen, Tesco is the third largest grocery and general merchandise retailer in the United Kingdom and has stores in over fourteen nations scattered across Asia and the European Mainland. It is also the leading grocery retailer in the United Kingdom and in nations like Ireland, Malaysia, and Thailand. Tesco began operations as a store retailer shortly after World War I with its first store opening in Burnt Oak, Middlesex, in 1929 during the beginning of what came known as the Great Depression. However, Cohen managed to thrive as a general merchandise and grocery retailer and by 1940 had over one hundred store outlets in the United Kingdom (Humby, 2008, p. 33). Today, Tesco can be found almost everywhere outside of North America and beginning in the late 1990's greatly expanded its stock to include men's and women's clothing, home electronics, home furniture, and even Internet service. By 2010, Tesco had expanded to more than 2,500 stores and is currently listed on the London Stock Exchange with capital exceeding 25 billion pounds annually (Humby, 2008, p. 34).

Much like the so-called "Big Box" retail stores, such as Wal-Mart and Target in the United States, Tesco has utilized some brilliant innovation techniques to acquire its present position in the U.K and elsewhere as a major retail outlet. One highly successful method used by Tesco is its innovative "Steering Wheel" which represents Tesco's core purpose as a retailer and its value system. This wheel is made up of five separate sections--Community, Operations, People, Finance and Customer. As pointed out at Tesco's official website, the Community section of this wheel is the most important and is made up of five "pillars of corporate responsibility"--1), active participation in the communities in which Tesco stores and located; 2), buying and selling products and good responsibly; 3), caring for the environment; 4), providing customers with healthy choices in relation to food...
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