Tesco

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History

Background

Tesco plc is a British-based international grocery and general merchandising retail chain. It is the largest British retailer by both global sales and domestic market share with profits exceeding £3 billion. It is currently the third largest global retailer based on revenue, behind Wal-Mart and France's Carrefour but second largest based on profit, ahead of Carrefour. Originally specialising in food and drink, it has diversified into areas such as clothing, consumer electronics, financial services, telecoms; home, health and car insurance; dental plans, retailing and renting DVDs,[4] CDs, music downloads, Internet services, and software.

John Horn founded Tesco in 1919 when he began to sell surplus groceries from a stall in the East End of London. The Tesco brand first appeared in 1924. The name came about after Jack Cohen bought a shipment of tea from T.E. Stockwell. He made new labels using the first three letters of the supplier's name (TES), and the first two letters of his surname (CO), forming the word "TESCO". The first Tesco store was opened in 1929 in Burnt Oak, Edgware, Middlesex. Tesco floated on the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited. The first self service store opened in St Albans in 1951 (still operational in 2008 as a Metro), and the first supermarket in Maldon in 1956.
In 1997, Tesco Stores Limited and Esso (part of Exxonmobil) forged a business alliance that included several petrol filling stations on lease from Esso, where Tesco would operate the store under the Express format. In turn, Esso would operate the forecourts and sell their fuel via the Tesco store. Ten years later, over 600 Tesco/Esso stores can now be found across the United Kingdom.
In July 2001 it became involved in internet grocery retailing in the USA when it obtained a 35% stake in GroceryWorks. In October 2003 it launched a UK telecoms division, comprising mobile and home phone services, to complement its

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