As part of my Applied Business GCSE, Unit 1 Controlled Assessment I have chosen to study Tesco’s. Tesco Plc is a global grocery and general merchandising retailer headquartered in Cheshunt, United Kingdom. It is the third-largest retailer in the world measured by revenues (after Wal-Mart and Carrefour) and the second-largest measured by profits (after Wal-Mart). It has stores in 14 countries across Asia, Europe and North America and is the grocery market leader in the UK (where it has a market share of around 30%), Malaysia and Thailand.
Tesco has been serving UK customers for the best part of a century. Ever since, Jack Cohen founded the company and first opened a market stall in the East End of London in 1919. Today, they are much more than the weekly shop. As their customers have changed, so have they by introducing new services, products and ways to shop.
In 1924 the first Tesco product – Tesco Tea – was sold by Mr Cohen. The name Tesco comes from the initials of TE Stockwell, who was a partner in the firm of tea suppliers, and CO from Mr Cohen’s Surname. The first ever Tesco store was opened in Burnt Oak, Edgware, north London in 1929. In 1947 Tesco Stores LTD floated on the Stock Exchange with a share price of 25p. In 1974 Tesco opened its first petrol stations. Technological advancements were also made by Tesco during the 1990’s with the launch of a new on-line bookstore, on-line banking and in 1999 mobile phones were on the shelves of the stores.
Tesco has come a long way since its early years; it has gone from just selling your average groceries to banking and insurance. For example, in 2005 they announced annual profits of £2 billion and most recently in 2009 Tesco launched tesco.com/clothing and in 2010 – Tesco opened the world’s first zero-carbon supermarket in Ramsey, Cambridgeshire.
1 The Tesco Logo
Tesco is well known for its ‘Every Little Helps’ philosophy and apart from wanting to make a profit, it aims to provide prices