History of Tesco

History of Tesco

The first person that started Tesco’s was Jack Cohen who originally owned Tesco’s. Jack Cohen was the son of a Jewish sailor. On the first day of selling stock at the market he made a profit of one pound. When he made money he used the money to buy goods. He bought goods that other store didn’t sell in their store.

Jack Cohen was the person who founded the name for Tesco, after he bought a large shipment of tea in 1924. He used the three first letters from the name of the tea suppliers name “T.E” stock well and add his own surname then this formed the “Tesco”. By 1939 he opened hundred of stores. When he opened hundred of stores he went to America for holiday, he found out that the stores there were self service, he used this idea in his stores and this saved him lots of money on shop staff wages. When he found that this method was successful he invited his son Critman in law to join his business.

Tesco’s recent History

Tesco is one of Britain's leading food retailers and has 586 stores though out Great Britain. From 1992 Tesco has grown greatly and has increased its market share from 10.4% to 15.2%. This increase in customers has also given Tesco a large amount of profit.

Tesco has 164,500 shareholders. Tesco's profit is about Ј505 million pounds after the tax has been deducted; about 50% of this is then distributed to the shareholders as dividends. The rest roughly 250 million pounds is held back for investment in stores and improving services for the customers. The average shareholder holds between one and one thousand shares, but also banks, pension funds and building sorcery’s; hold a large amount of shares. Tesco's share prices have risen since February 1997 when it was 349p to 586p on the 21st April 1998. The shares have peaked a high price of 603p. With this growth Tesco's is now the largest super market chain.

Background time line

1920s

- Jack Cohen found Tesco in 1924, the company has grown and developed, responding to new opportunities and pioneering many innovations. He used this gratuity from his army services in the first world war to start selling groceries in London’s east end market in 1919. The first Tesco was opened in 1929, in Burnt oak, Edgware.

1930s -

The Tesco business prospered and grew in the years between the wars.

1940s -

In 1947 Tesco stores Ltd was floated on the stock exchange and it was with a share price of 25p. Jack Cohen opened the first Tesco self - services store in St Albany in 1948.

1950 -

Tesco self-service supermarket was opened in a converted cinema in Maldon in 1956, this was the first self- service supermarket opened.

1960 -

A new Tesco was opened in 1961 in Leicester and in those years it went into the Guinness book of record as the largest store in Europe. In 1960 he opened 212 stores in north of England and added another 144 stores in 1964 and 1965. The term "superstore" was first used when Tesco opened its store in Crawley and west Sussex in 1968.

1970s -

Tesco was a household name by 1970. By 1970s the company decided broaden its customers base and make its stores more attractive to a wider range of customers. Tesco’s opened its first filling stations at its major sites, selling petrol at very competitive prices. Tesco’s market share increased from 7% to 12% in one year in the late 1970s and in 1979 its annual turnover reached Ј1 billion for the first time.

1980s -

In 1987 it announced a Ј500 million programmed to build another 29 stores but in 1985s Tesco opened its 100th store and introduce its healthy eating initiative in 1991.

The Company was the first major retailer to emphasize the nutritional value of its own brand to customers.

1990s -

In 1990s the company built on its success by developing new customer- focused initiatives. The first Tesco metro was opened in 1992 and Tesco express, combining a petrol filling station with a local convenience store followed this. By 1995 Tesco had become the largest retailer in the UK and in 1996 Tesco launched customer assistants to make shopping even easier for customers.

2000 -

Now Tescos into second billion pounds of prices cuts, this represents more than